Blockchain Has More Potential Than Bitcoin

Blockchain Has More Potential Than Bitcoin

Minneapolis Federal Reserve Bank President Neel Kashkari said earlier this month that blockchain technology has more potential to be adopted in the fu

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Minneapolis Federal Reserve Bank President Neel Kashkari said earlier this month that blockchain technology has more potential to be adopted in the future than bitcoin itself.

Blockchain is a ledger of transactions maintained by a network of computers and was first knows as the technology behind bitcoin. However, it may also be used to record and track the movement of assets, as the online media explained.

“I think sentiment has shifted in the markets, in the Fed.”, as Kashkari said in a speech at a technology conference in Minneapolis, Minnesota.

“I would say I think conventional wisdom now is that blockchain and the underlying technology is probably more interesting and has more potential than maybe bitcoin does by itself.”, he elaborated.

He commented on bitcoin with a pinch of criticism towards the cryptocurrency:

“The problem I have with bitcoin is while it says by design that you’re limiting the number of bitcoins that can be created, it doesn’t stop me from creating Neelcoin, or somebody from creating Bobcoin or Marycoin or Susiecoin.”

“I haven’t heard of a digital currency solution for a proliferation of competing virtual currencies. That to me is a fundamental question I have about bitcoin or other virtual currencies and their risk for inflation, just because of competition.”, Kashkari added as quoted by cryptocoinnews` article.

Last year, the Federal Reserve Annual Meeting in Washington discussed emerging technologies. They particularly mentioned bitcoin and blockchain technology.

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