When Bitcoin entered the financial landscape in 2009, it challenged traditional ideas about the limitations of transactions and the necessity of a centralized banking system. Nine years later, the term ‘cryptocurrency’ has become common vernacular and another platform, Ethereum, has built on Bitcoin’s potential and is dominating the headlines. Conceptualized in 2013 by Russian-Canadian programmer Vitalik Buterin, Ethereum is an open-source platform that is poised to facilitate the development of next-generation, decentralized applications. In an attempt to explain what that means in more generalized terms, internationally acclaimed financial strategist Pablo Soria de Lachica recently discussed how businesses are being affected by advancements in blockchain technology.
In the words of Buterin, “Ethereum uses many of the same systems as Bitcoin (such as blockchains and peer-to-peer networking) in order to generate a shared world computing platform that can flexibly, but securely, run any application users want to code. Shared ledgers like Bitcoin included.” Soria de Lachica further explained that the platform’s’ intent is to transcend the traditional limitations faced by the tech and financial services communities by creating a blockchain protocol that supports all existing and future applications, lending itself to an environment of constant–and immediate–development innovation. Pablo Soria de Lachica pointed out several early adopters that are already applying Ethereum to both solve their existing problems and create future improvements.
While identity theft continues to be a constant concern across today’s globalized, digital landscape, one company, KYC-Chain, is tapping into Ethereum to help businesses safely onboard new customers, blending simple identification processes and know-your-customer regulations. Their solution empowers customers to manage their own identities by sharing only necessary information and protecting user data on the platform through a series of cryptographic protocols.
Other organizations are capitalizing on how business development has advanced in the past decade. No longer are businesses and entrepreneurs relegated to raising funds through VC’s and private investors; today, hopeful entrepreneurs are finding support through crowdfunding platforms like Kickstarter and GoFundMe. Innovative platform Weifund hopes to expound on the public’s growing affinity for crowdfunding through blockchain implementation and utilizes Ethereum’s Smart Contract capabilities to offer customizable solutions to contributors. Smart Contracts expand the ways in which individuals can contribute to development while ensuring complete transparency and strict adherence to contract boundaries. The Ethereum technology allows for the immediate transporting of anything of value (funds, shares, data, etc.) without an intermediary and ensure that the rules and regulations associated with the contract are automatically enforced.
While the actualization of Ethereum is presently incomplete, the technology has already managed to set in motion decentralized solutions that were once deemed impossible. The mounting support for the development of the platform and its rapid adoption among emerging organizations are changing how we think about finance, digital safety, workforce management and economic development.
Pablo Soria de Lachica is an internationally acclaimed broker with vast experience in international trading and forex (foreign exchange) transactions. Presently he provides consultancy to Kartoshka, a global leader at the forefront of the latest sales technologies, in their market analysis, international transactions and day-to-day business operations.
Pablo Soria de Lachica Discusses Projections for Ether Price Movement against USD: http://www.digitaljournal.com/pr/3906148
