Crypto has a lot of applications in various sectors that could potentially lead to big changes in the way we do things, or revolution if you like to term it that. Without giving it too much thought though, the average person will rightly guess that its biggest utility remains in the financial space. There is literally no limits to what it can do as the system is in need of disruption and right there for the taking.
To the point that there is a deep need for disruption in the current financial system we operate. There are various flaws in it such as a lack of equity among monetary policy, the risk of economic collapse over one of two major countries experiencing a banking crisis, There is also the lack of transparency posed by the previous system which Blockchain technology could potentially eliminate. The upsides seem to completely overwhelm the downsides when it comes to a need for action in the financial space with crypto.
A lot of the projects that have sprung up are largely centered on finance. Many projects of value have one or two major financial solutions in them that could be big should they gain mainstream acceptance. The number one sell is the open ledger system which should create more transparency, even though right now the space is still a victim of scanners at different points. There are also other innovations that are major improvements from the solutions offered in the traditional financial system that we should definitely support.
Hive has quite a few of these solutions. When we talk about the open ledger system, it is right there in the mix. However, for me, I think the biggest utility that Hive has is its transaction speed and Cross border reach without the bottle necks of traditional regulations. We may not realize how big a deal this is until we need to send funds quickly to a friend or relative in an obscure country and see how difficult it is. Admittedly, some bottlenecks are deliberately placed by the traditional system so that they can control things like money laundering and terrorism financing, but as with all thInga regulation, they tend to go too far while straying from their aim eventually.
The Leo
Leofinance is Hive's dedicated financial project committed to providing financial solutions in the Hive chain and crypto space generally. Still in its early days, it has given us samples of what we could potentially expect in the future with a crypto powered financial solution provider. For now its biggest asset remains information but there are so much more valued offerings coming up and maturing. I reckon we'd see more than a glimpse of what the crypto financial space could look like by the time Leofinance gains wide acceptance and recognition.
Posted Using LeoFinance Beta