Blockchain Technology Could Get Mainstream Recognition with Stablecoins
It has been a year of volatile crypto markets and unsure coin values, but 2019 marked the resurgence of stablecoins. From the first stablecoin to have been used in 2014, a total of more than 50 different coins have been made available, according to Forbes.
The prominence of stablecoins marks a shift in direction, where cryptocurrencies are believed to have finally achieved greater acceptance. This acceptance is in the world of mainstream financial investments, where stablecoin is recognized as a safe and proven tool to be used in traditional investing.
Stablecoins, according to the analysis, is the preferred system for people who want a legitimate bitcoin to use in online transactions. WIth increased transparency, these stablecoins eliminate the need for transfers between cryptocurrency and fiat currencies and provide a tool for people to transact and deal just as they would in a traditional setting.
Cointelegraph reported that David E. Rutter, R3 CEO, and the WSBA will collaborate on a project to make it easier for people to use the stablecoin. The collaboration is aimed at creating an 'approach to collaborating' with different regulatory bodies to create an environment where blockchain can be used in an even greater capacity in financial markets and beyond.
R3 is an enterprise software backed by blockchain which has worked with over 300 partners. This included Corda, an open-source blockchain platform for the private and public sectors. Corda lets institutions create transactions directly while on the platform using smart contracts that are 100% private and tightly secured by the blockchain infrastructure.
Only last month, R3 announced that the Corda Network was officially launched. It was first handled by the Corda Network Foundation, a non-profit ogranization under the company. SBI Holdings, a Japanese financial company, also partnered with R3 to complete the development for Corda blockchain's local use on the platform.
Market transactions in the blockchain environment are complex, demonstrating the need for a secure and safe environment as well as a stable form of coin to use. It is easier to be transparent using a blockchain platform, and stablecoin has supplied the safest form of trading online. In fact, the first stablecoin in a real world application is already out--the FACTOR 805, by Fluidity Factora.
The only stumbling block remaining in real estate applications is transparency. If stablecoin is able to provide this, it's safe to say that there will be more and more blockchain-based transactions with this coin as its main trading chip.