Circle CEO forecasts the era of tokenization, stating that Blockchain is set to revolutionize “every aspect of finance” and “reinvent public and civil services in [its] image”
14 June, AtoZ Markets – The co-founder and the CEO of payments company Circle, Jeremy Allaire, has spoken during the MoneyConf event in Dublin. He has emphasized the unprecedented “crypto-revolution,” adding that global society is now “at the beginning of a tokenization of everything.”
Circle CEO Forecasts the Era of Tokenization
Mr. Allaire has stated that Blockchain is set to revolutionize “every aspect of finance” and “reinvent public and civil services in [its] image”. He has been quoted as saying:
“Once you have an open global immutable record-keeping system, [a] transaction-processing system and [a] secure computing environment, you can re-conceptualize on a global basis every aspect of finance… corporate and commercial law, the intermediation of contracts, [and] crucially all of the systems we use in [both corporate and civic] decision making.”
Moreover, the CEO has presented a vision of a tokenized global economy and society. He noted that within this picture, “every form of value storage and public record becomes a crypto-token” that features a free-floating market value and can be traded on global cryptocurrency exchanges.
Five categories of crypto assets
With cryptocurrency assets, anyone can “tokenize your house, car or art,” as per Circle CEO. He also believes that it is possible to establish open global financial relationships around any physical property thanks to crypto assets.
Following on this, Mr. Allaire has stated that the “tokenization of private or public votes in all forms of social governance” would provide a system that is more accountable and transparent than the present models.
Furthermore, he has singled out five categories of crypto assets. He mentioned the privacy-focused cryptos that overtake financial activities from the centralized control of the government. He also mentioned ‘crypto-securities’ that are able to represent rule-based financial contracts.
Circle CEO then addressed crypto-assets that back transaction settlement systems and very ambitious” blockchain-based platforms such as Ethereum(ETH), which he described as “operating systems for the global economy.”
Lastly, he highlighted the fiat-backed stable coins. He noted that these are created for denominating financial contracts.
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