France Sees Blockchain As A Tool For More Than Just Finance
France is one of the first countries to see blockchain as a tool for more than real estate investments. The country's finance minister, Bruno Le Maire, said that they are looking into blockchain technology which would be a means to preventing finance giants from creating a 'monopoly' of different transactions in real estate, according to ABS-CBN News.
Blockchain has been making its presence felt, from platforms supporting real estate transactions to whole deals being recorded on blockchain servers. France's Le Maire clearly thinks that its role as a disruptor is legitimate, as he spoke during the 'Paris Blockchain week,' a symposium where the industry's game changers get together to discuss all things blockchain related.
France has emerged as one of the countries which gladly embraced the innovation presented by blockchain. It already has accounting, fiscal, and legal structure in place to manage to fundraise in digital currencies. It hopes to spur activity in blockchain territory to provide a 'pillar' that would support an entire economy related to blockchain.
Different industries are also preparing to embrace blockchain as the platform for digital economies. According to Forbes, a meeting has been set up for just this very issue. Governments, industries, and agencies related to the UN and beyond are preparing for what they billed a '5th Machine Age' with blockchain as the catalyst.
The study has garnered support from a lot of industries which included banking firm JP Morgan, which supported a digital form of theirs--the JPM coin--and enabled with the use of blockchain-based technology to seamlessly transfer payments between parties and between institutional accounts as well.
Blockchain was not the main topic during the World Food Program (WFP) gathering, but it became a focused topic of discussion with the billing "Around the (Global) Block - Blockchain for Impact." The discussions were focused on AI (artificial intelligence) and blockchain's relationship and how the two can work together for the efficiency of transactions.
Blockchain, as discussed in France meet up, would innovate established processes in the global economy. It can forego the use of 'fiat' money and can speed up financial transactions, even creating deals which could bypass financial intermediaries as well.
Blockchain has suffered a negative view following the slump in the market value of various cryptocurrencies after its meteoric 2017 rise. However, the enthusiasm was back and bigger than ever as different industries rooted in financial transactions found a use for it. One such industry is the real estate sector, where blockchain-based platforms provided an avenue for secure, transparent transactions and quick resolution of deals.