The global financial technology firm Circle recently released a comprehensive article shedding light on the potential of blockchain technology in daily commerce. In an article entitled “Stablecoins, Blockchain and the Future of Global Commerce,” Circle unveiled blockchain technology’s “transformative role in the future of finance.”
Drawing parallels with the global growth trajectory of the original internet in the 1990s and 2000s, Circle dived deep into the impressive commercial potential of the blockchain technology. The article also contrasted the global scale, instant transactions on blockchain at “little to no cost” with the time-consuming and expensive traditional transaction systems.
As per the article, traditional financial institutions like banks have already invested in blockchain-related technologies, acknowledging its inextricable role. For instance, Circle has partnered with SBI Holdings, bringing USDC stablecoins into the Japanese market. In addition, blockchain platforms like Ripple and Huobi have also entered into strategic partnerships with the banking giant SBI Holdings.
In the article, Circle commented that blockchain is often viewed as a new “internet of money” that can “turn any internet connected device into a wallet that’s fully equipped for financial services, which can offer a critical lifeline to people who own a smartphone yet lack access to traditional brick-and-mortar finance.” Pointing out the power of stablecoins, Circle quoted,
Stablecoins are the key to unlocking this future. These digital representations of fiat currencies serve as the bridge between today’s banking system and the blockchain based ecosystems, while providing price stability and reducing other risks.
Further, the article unfolded the simple and convenient use cases of blockchain. As per Circle, the concept of blockchain is quite simple, despite its technological complexity. As the users are not mandated to know the technological aspects of blockchain, blockchain is effective and user-friendly for transactions and other related procedures. In addition, platforms like Circle have initiated introducing new services and features that further simplify the technology.