The head of the FTX exchange spoke about the benefits of blockchain for payments, the stock market a
While the cryptocurrency market is learning to live in the conditions of crypto-winter and figuring out how long the easy money earned during the bullish phase will last, billionaire Sam Bankman-Fried, also known as SBF - founder of the FTX cryptocurrency exchange and Alameda Research, talks about the benefits of blockchain technology.
Critics doubt the benefits of this technology, especially during the crypto winter, but Bankman-Fried unconditionally believes in blockchain and explains the position to the readers of his Twitter in a reasoned manner.
In a thread published over the weekend, the billionaire named non-obvious options for using blockchain and explained how some industries can benefit from the integration of this technology. According to Bankman-Fried, blockchain technology can simplify payments, eliminate the shortcomings of the stock market and revolutionize social networks.
First of all, the FTX head pointed out a lot of problems related to cross-border payments. He gave several examples that highlighted long waiting times and intermediaries that increase fees and often add uncertainty to transactions.
According to Bankman-Fried, blockchain solves this long-standing problem in finance by replacing the long traditional process with a simple three-step process: the sender creates a wallet, the recipient creates a wallet, and then they make a transaction. This significantly reduces the waiting time, replaces the commission structure and eliminates the uncertainty factor.
In addition, the FTX CEO also noted that blockchain can change the entire process of stock trading, which also has a lot of disadvantages - for example, tokenization of shares will benefit both traders and companies.
Similar to payment solutions on the blockchain, trading in tokenized shares, also performed on the blockchain, can complete transactions in a matter of seconds and reduce the uncertainty of calculations and horse commissions that are usually taken for such transactions.
Finally, the FTX CEO believes that social networks can also benefit from fashionable technology. Now they are isolated and not compatible with each other and other applications. When using blockchain technology, social networks can allow you to exchange messages on various platforms. And then the transfer of messages from one social media platform to another will not be a problem.
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