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The CEO of cryptocurrency exchange FTX called blockchain a “disruptive technology” as it could simplify payments, eliminate the shortcomings of the stock market and revolutionize social networks.
Sam Bankman-Fried wrote inTwitter how some industries could benefit from blockchain integration. The businessman gave the example of international payments, which require a lot of time to process. The process is delayed due to the involvement of intermediaries, who charge their own fees, which makes payments abroad more expensive. According to Bankman-Fried, blockchain can solve this problem in three steps: the sender of the payment creates a cryptocurrency address, the recipient does the same, and then the funds are sent. Thanks to blockchain, the transfer will be transparent and almost instantaneous.
FTX CEO noted that blockchaincan change the entire process of trading securities, which also has many disadvantages. He recalled the sad story of GameStop shares that happened last year. Users on the Reddit forum began buying up these shares, and as a result of the increase in price, institutional investors who opened short positions suffered serious losses. Bankman-Fried believes that stock tokenization will eliminate such settlement risks:
“Let's say you tokenize shares.Instead of waiting two days for settlement, you can exchange a token for a stablecoin pegged to the US dollar using the blockchain. It will take about 10 seconds and the commission will cost $0.0002.”
The businessman assured that blockchain can dodifferent social networks are compatible with each other, allowing users of one platform to transmit messages to users of another platform. Now this is not possible, since social networks are isolated from each other, and people have to install separate applications for each specific platform.
Previously, Bankman-Fried called Solana the best blockchain, despite the increasing failures in the network, since it allows it to process a large number of transactions with low commissions.
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