Governments and banks around the world are either exploring or applying the blockchain technology at the moment. The importance of this technology is undeniable. However, Blockchain has several types and not all of them enjoy fully decentralized status. Hence, the implications might be different based on the sector applying the technology.
Several countries are moving forward to adopt this technology. The approaches can vary from either issuing their own cryptocurrency or applying blockchain technology such as UAE (blockchain strategy 2021).
However, it is very important to say that , cryptocurrency and Blockchain are just technologies that can be used in several industries. We should not look at them as a threat but as a technologies that might make our life easier.
It also depends on who controls them. If traditional banks just use the technology to make their own transfers more efficient, the underlying system will stay the same. If new players emerge or a P2P system evolves, the changes can be fundamental. However, in the latter case it is more than likely that governments and central banks will intervene. At the moment nobody can tell for sure what the future implications of cryptocurrencies will be.