- Blockchain and cryptocurrencies are tools that will change business models, says a representative of the World Economic Forum.
- Sheila Warren, an executive employee of the WEF will hold a keynote at this year’s Ripple’s SWELL conference.
In an interview for “The Voice of Woman”, the Head of Blockchain, Data and Digital Assets of the World Economic Forum (WEF) Sheila Warren spoke about blockchain and cryptocurrencies. Warren predicts that these new technologies will be an intrinsic part of the world and society in the upcoming years. At this point, they will no longer have the media coverage they have today because “they will be taken for granted,” just like the Internet.
Thus, Warren predicted a change in the way business will be done. In a decade major businesses will be supported by blockchain. Referring to Bitcoin and cryptocurrencies, Warren said she is optimistic. In opposition to the popular belief that Bitcoin, Ethereum and XRP are used for illicit activities, Warren emphasized that only a small portion is used by criminals. She further added:
What cryptocurrencies do is enable peer to peer engagement around money. Just like the Internet enabled us to share content very quickly with people all over the world, seamlessly, frictionlessly, and at a fraction of the cost … the same thing can be true of money and you can imagine the world in which we could engage in a direct seamless transaction with any individual with a digital wallet, anywhere in the world, and at any point in time… and what that might empower…
Warren noted that for the younger generation, people who are transitioning to be householders, cryptocurrencies are an “investment vehicle”. Therefore, Warren and the WEF hope that there will be a new wave of innovation that will allow the new generations to create wealth with cryptocurrencies and blockchain technology.
Ripple and the micro-payment revolution
Within the spectrum of innovation, Warren said the technology behind micro-payments and low-cost instant payments is what “excites people the most”. On the potential for this technology to make payments and for new generations Warren stated the following:
(…) people are excited about is the concept of micropayments…right now, it’s just inefficient to send pennies to anyone. It doesn’t really make sense but imagine if you could do that for free. Those pennies could quickly add up….I also think digital currency is going to change what we think about intergenerational wealth transfer. There’s no question that those who are coming of age today and entering the job market have very different needs than I had…
Among the most innovative companies in the field pointed out by Warren is Ripple. The payment solutions company has been responsible for driving the growth and adoption of the crypto industry in several areas.
Remarkably, the Sheila Warren will be the keynote speaker at this year’s Swell conference of Ripple. At the beginning of the week, Ripple announced the date for SWELL. Dated October 14-15 2020, the company has invited Warren and the WEF to discuss trends, use cases and institutional adoption of blockchain technology with other experts.