Innovation, Technology, and the Payments System by Governor Jerome H. Powell vs. Bitcoin BlockchainPro
Hi, I would like to introduce the concept of BlockchainPro in support of Distributed Ledger Technologies (DLT) based Digital Currencies Issued by Central Banks to the General Public
Since there is no global incentive on how to limit the incorporation of new digital currencies – altcoins every day, week, month, what can be easily noticed is hyperdeflation in digital currencies, since two ecosystems don’t match.
Over emission of fiat currencies can be easily eaten by virtual currencies market, making prices of virtual currencies to go up and up and the sky is the only limit.
Fiat currencies once entered virtual digital currencies market require deflation mechanism.
So the best mechanism to work is to implement Best Before: Date clause for virtual digital currencies issued by central banks.
Let me know your opinion
Distributed Ledger Technologies
Let’s turn to another type of new technology that may have important implications for the payments and financial systems: distributed ledger technology, or DLT. Bitcoin helped bring this technology to public attention. Using blockchain technology–which employs a form of DLT–and an open architecture, Bitcoin allows for the transfer of value (bitcoins) between participants connected to its ecosystem without reliance on banks or other trusted intermediaries. This feature has led some to predict that DLT will in the long run render parts of the banking and payments system obsolete, as the intermediation of funds through the banking system will become unnecessary.
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