Tuesday, August 20, 2019

German Financial Regulator Discusses the Advantages of Blockchain Technology

The President of the German Federal Financial Supervisory Authority (BaFin), Felix Hufeld, has said that blockchain is a progressive innovation while discussing the different importance and advantages of exploring the blockchain technology in an Economy. BaFin is a financial body whose role is to protect consumers and maintain the standard and stability of the general financial market.

Blockchain Technology is Revolutionary

During his speech in Berlin, Hufeld implored Economies to adopt the Public Ledger Technology because of the different propositions that it offers. As indicated by BaFin and Mr. Hufeld, the blockchain innovation has many vital applications in many arrears especially the financial sector. That is something that we have been encountering amid the most recent years. Social insurance organizations, the transportation business, banks, and different governments are utilizing the blockchain innovation to enhance their products and services. In that light, Hufeld indicated enthusiasm for automation of blockchain technology and how the integration of dApps are changing the community. Bafin said that:

“These apps are not only safe from failures of individual computers or providers, they also promote the development of a ‘blockchain economy. Thanks to the blockchain, many countries in Africa could make a real quantum leap, for example in the documentation of property rights. For development aid professionals a prerequisite to start real and sustainable economic growth.”

Many countries around the world are adopting cryptocurrencies and exploring the applications of the blockchain technology in various fields, with some countries in Africa now following the trend. These African nations have benefited a lot from grasping the innovation. Hufeld made a remark about that:

“Thanks to the blockchain, many countries in Africa could make a real quantum leap, for example in the documentation of property rights. For development aid professionals a prerequisite to start real and sustainable economic growth.”

Germany is one of the major strongholds of digital currencies in Europe. Although some German experts are  doubtful and skeptical about the use of cryptocurrencies in the future, it appears that many citizens of the country are bitcoin enthusiast and investors, a recent survey conducted by Postbank revealed that one out of every three Germans considers cryptocurrency as a good investment. So this is positive remark by Hufeld is good for the cryptocurrency and blockchain community in Germany and Europe at large. Coupled with the fact that Hufeld has a significant impact on the locale and Germany, which is very encouraging for the innovation and fate of these fields in the European Union. Hufeld isn’t the only one with this stance, Bruno Le Maire, the French Finance Minister, said that France ought to be a stronghold of Cryptocurrency and blockchain innovations. That implies that two of the most ground-breaking nations in the continent are working to explore and advance the utilization of these innovations

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