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The World Economic Forum (wef) looked at what happened in 2022 in crypto, making several predictions on the ecosystem's future. Dante disparte, Circular cso, in a wef article, shows how terrible it was in 2022, Industry components will continue to be an integral part of today's economic toolbox.
We believe in the resilience of Crypto.
The World Economic Forum (WEF) believes that 2022's disastrous year for the cryptocurrency industry has the potential to lead to ecosystem growth and recovery. An written by Dante Disparte, published on WEF’s weforum.org, explains that while the recent downfall of FTX and the demise of the Terra blockchain affected millions of consumers in 2022 — with the market losing $2 trillion in that period — this has not changed the core of these technologies, which are currently being tested by financial institutions all over the world.
Disparte goes on to say:
While the underlying crypto and blockchain technology is generalizable to all industries and coordination activities (collectively the Web3 construction blocks), Experience at the heart of financial services, between other industries, continues unabated.
Furthermore, disparte uses jpmorgan for example, be an enterprise that has publicly rotated to be clearly opposed to crypto and blockchain, the adoption of technology in many of its experimental products and offer cryptography for customer selection.
Crypto and Internet
Disparte harnesses a commonly used simile, comparing crypto with other ubiquitous tech like the internet and email, which have also been used for illegal and criminal purposes by bad actors. Putting the weight of malicious actions on people who use the tools, not the technology itself, is the key in this period for crypto, Disparte said.
On the WEF's behalf, the best course of action to perpetuate crypto and blockchain is to “net out their harmful effects by placing technologies (like all tools) in the hands of responsible actors and encouraging their responsible use.”
With that in mind, The writer thinks that cryptography, whatever it takes, remains a player in the world of finance and that, although regulation is indeed a necessity, the industry's future. Disparte concludes that these technologies will continue to be deployed in spite of what it considers to be the great harm caused by their irresponsible use.
Wef has been a very active cryptography organization, Cryptographic Sustainability Coalition as of September of last year, The aim is to use web3 technology to combat climate change.
How do you see the wef's vision for the future of crypto-currency and blockchain? Please tell us in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Boris-B / Shutterstock.com
