The realm of online commerce has changed drastically since the emergence of Bitcoins. Several new businesses providing services on blockchain and cryptocurrencies have sprung up. The Amsterdam based, Bitfury being one of them.
The CEO and co-founder of Bitfury, Valery Vavilov, who shared some insight into the company’s workings and talked about six important attributes of the decentralized technology that have shaped the European tech world in Europe.
Bitfury in its eight years of operation has developed three objectives — to make the impossible possible, to be game-changers, and, above all, to do good work.
Working on digital assets and blockchain technology, they have also ventured into the field of Artificial Intelligence.
As per Vavilov, a few ways in which the blockchain technology has morphed the tech world in Europe, are:
- Blockchain has added trust into a system that lacked it badly. Its tamper-proof technology has had a massive impact on the tech world. The transparency has positively impacted the supply chains of many products.
- Blockchain’s decentralized platform has brought transparency to the public sector. Bitfury has also implemented blockchain for improving security in the state auctions in Ukraine and the government registries in Georgia. It has also aided in improving the operations of the health and energy sectors.
- The peer-to-peer system has become very important for financial institutions, investors and traders.
- Blockchain has improved the protection of personal data and has enhanced security in data ownership.
- Blockchain has encouraged many open-sources projects to emerge. It has also improved collaborations between various industries and economic sectors.
- Open-distributed ledger technology has revolutionized the way digital assets are treated. It has caused governments to introduce regulatory measures for cryptocurrencies, making them a widely accepted form of payment.