Blockchain Technology Potential is Enormous According to Bitcoin Entrepreneur Brock Pierce

American entrepreneur Brock Pierce gave his speech at the recent WIRED Retail event and talked mostly on the benefits of blockchain technology.

Co-founder of Crypto Currency Partners (CCP) and tech entrepreneur Brock Pierce has recently spoken at WIRED Retail conference in London, discussing the digital currency. Pierce said that even if bitcoin disappear over time, the technology behind the cryptocurrency will stay.

Pierce has already invested in 25 digital currency projects within the year. “By having a baseline protocol that allows you to innovate around finance, a lot of interesting things can happen,” he said.

Pierce talked about the blockchain, a public ledger of all bitcoin transactions that have ever been made. “This protocol is going to democratise the global financial system,” Pierce noted.

According to the article on Wired, the blockchain presents huge potential in such regions as South America and Africa. Pierce believes that the technology could influence other processes. For instance, it could be used during the elections and will help to simplify the voting process and eliminate the possibility of corruption.

“This innovation is more substantial than the internet. The blockchain is going to have an even larger impact. As to what currency does it — that’s difficult to say,” Pierce said.

Blockchain technology is actively used in the sector of international money transfers and enables people to avoid paying expensive fees.

Pierce has also compared the bitcoin market with the mobile communications sector in Africa, which faced an upturn there. In countries with underdeveloped land lines network most people shift to mobile phones.

“I think that people are starting to recognise the value of the blockchain, whether that be large banks becoming incredibly friendly to the blockchain and the innovation it represents. The opportunities it creates are substantial enough that I don’t see this trend coming to an end.”

Blockchain technology is also used for crowdfunding campaigns. It removes the need for the third trusted party and enables startups to raise funds by developing their own virtual currencies.

Koinify, Swarm and Lighthouse are among the decentralized crowdfunding platforms that are known within the bitcoin community and received significant funding for their development.

All the crowdfunding platforms using the blockhain technology are based on one principle: move to decentralized model and remove costly intermediaries and trusted third parties.

According to a new study, up to 70% of bitcoins in circulation have not been used over the last six months. Bitcoin advocate Tim Swanson noted that many people bought the cryptocurrency during the price increase in November, 2013.  Despite the growing number of merchants integrating bitcoin, the number of consumers has not significantly risen.

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