The advent of the internet changed the world forever and shaped the future of digital economy. Blockchain has come to accelerate the speed of the change and create a more inclusive and global digital economy.
Economic relations require trust. In the past, face-to-face transactions and legal agreements liberated commerce from old one-to-one relations. However, with the internet, trust became a bigger problem
With the internet, they created the new ways to make transaction. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) was created to allow international wire transfers, but it is expensive and slow.
Services like Paypal and Transferwise have made the process faster but still expensive due to a complex network of banks. Blockchain's distributed ledger technology allows safe transactions without a central authority, making it an attractive solution for financial systems.
Learn more with Blockchain Application Series: Financial Services
Source: paralism.com
The Blockchain technology is precisely the future of the digital economy. It is a peer-to-peer payments network where people could transfer digital money without a central authority. This is a tailor-made case for the future digital economy. Now it's time to introduce and briefly review some of the projects and DApps laying the foundation.
Source: Finextra
The quintessential DLT protocol for the digital economy. I referred to it as a DLT project and not a blockchain because Ripple doesn't use this type of data structure for its distributed system. From its start, the project has been laser-focused in integrating with banking and payment networks.
Due to the events of the global pandemic, Ripple is hard at work to become the backbone of future payment systems. In many ways, it is the ideal solution since it enables fast and secure transactions over a secure network. As events unfold, the global economy will have to be rebuilt and Ripple lays at the core of it.
Thanks to projects such as Flare, soon the Ripple network will be able to deploy smart contracts. Flare is a smart contract platform. Founders integrate it with Ripple which uses a Turing complete computer language. This is similar to what Solidity is for Ethereum, but with the faster confirmation times of Ripple. These new capabilities will ensure Ripple's role in the next digital economy.
Source: Ocean Protocol
The future of the payment system of the world will be one where machines accessing smart contracts will pay each other. The speed and certainty these types of systems can deliver are orders of magnitude above human abilities. Ocean Protocol is looking to become the infrastructure of the future data economy.
It will become a data marketplace running on the Ethereum network that will streamline the transaction process time, as well as, provide security and integrity. It is one of the most developed projects in blockchain at the moment, and it has already attracted enormous attention to it, locking up important partnerships with other DLT companies. Ocean can seed up the development of the IoT economy.
Learn more in Blockchain Application Series: Internet of Things (IoT Blockchain Future)
Source: Oikos Cash
This is a platform in the Tron blockchain where people create synthetic assets. These are assets that follow a real-world counterpart. Some examples are synthetic assets for oil prices, currencies, coffee, stocks, bonds. Anything that can be traded in the world's financial markets can be brought to the Oikos market.
On top of it all, since this is an on-chain market there is no need for KYC. Anyone with access to the internet can enter the Oikos market and start investing through the Tron Blockchain. The assets listed here are already part of the global market, so a person from outside the U.S. can invest in American companies without using a stockbroker.
Oikos is the model for a future market that is global and completely decentralized. Investors will no longer have to go through brokers such as Robin Hood, and instead, buy and sell directly through the blockchain.
As we can see blockchain technology is already the future digital economy is already being built in the blockchain. Some of the projects here outlined will become the giants of the future. But instead of excluding people from financial services, blockchain can create a global open market.
