Blockchain Needs To Cover More Ground, Says Gates Foundation Rep

Blockchain, Event, Opinion | October 25, 2017 By:

Bitcoin and other blockchain technology does offer an innovative and modern way of aiding financial-related transactions, but is far from perfect, according to Gates Foundation Deputy Director for Financial Services Kosta Peric.

During a panel discussion at the Money 2020 conference, it was revealed that there are still who hold reservations about blockchain and are aware that more needs to be done for the technology to get the necessary backing and support. The Las Vegas panel featured representatives from the Bill & Melinda Gates Foundation and Omidyar Network, an impact investment firm. 

First off, the participants noted that the new form of digital currency benefits countries where financial services are unavailable or unsafe.

Bitcoin thus becomes a different kind of currency, helping out people who need capital to run businesses or currency to transact. The use of cryptocurrency is far from perfect, but is nevertheless a big step in the right direction.

However, there are also concerns tied up to bitcoins being included as a financial alternative.

Though proposed as a new form of payment, the fact remains that it has yet to fully cement its place as one, panelists agreed. There are concerns tied up to how institutions recognize it, tied up to the fact that there is multiple software being developed to back it up.

Such becomes an issue since bitcoin inadvertently comes in different forms, which causes a bit of confusion, the panel concluded.

With that in mind, the rise of cryptocurrency seems to be going in different directions and is nowhere near to becoming a reliable medium when making payments or transactions, the panel said. It does have potential — but establishing it as another form of payment may require more time before it can be categorized as reliable and safe, both philanthropic organizations said.