German Finance Regulator Sees Blockchain As Revolutionary

Considering its status as a financial powerhouse and the home of the European Central Bank, Germany don’t often hit cryptocurrency headlines. Today however (I’m not sure if its just in the spirit of the world cup though) we are seeing reports from Germany that discuss some promising statements from the President of the Federal Financial Supervisory Authority (BaFin), Felix Hufeld. Hufeld and BaFin believe that blockchain technology is revolutionary and has numerous great implications for real world technological development. During a speech at an event in Berlin, Hufeld is seen to discuss some of the more promising propositions offered by blockchain technology, including the benefits behind DApps and the potential for blockchain technology to encourage international economic growth. Regarding DApps specifically, according to RTT News, Hufeld said:

"These apps are not only safe from failures of individual computers or providers, they also promote the development of a blockchain economy."

Within this Hufeld is showing a keen interest in the automation of blockchain technologies and how through DApps, the industry can build a far safer and more accessible internet community. Even more interestingly, in reference to the potential for blockchain technology with regards to international economic growth, Hufeld said:

"Thanks to the blockchain, many countries in Africa could make a real quantum leap, for example in the documentation of property rights. For development aid professionals a prerequisite to start real and sustainable economic growth."

You can read the full report by RTT News for yourself, here- http://www.rttnews.com/story.aspx?Id=2905092 Of course, this speech isn’t pointing towards a new cryptocurrency revolution in Germany, however, with such a high profile financial figure, speaking on such a big stage, authorities of a similar nature across the world will be listening to what Hufeld has said, that’s the most important thing within all of this. As a part of his speech, Hufeld is alleged to have referred to bad news about Bitcoin and stories of ICO scams as something that should be ignored, given that the bigger picture for blockchain technologies is just that, bigger. Far bigger than the minor problems we see within ICO’s and Bitcoin volatility at the moment. These sorts of stories contribute towards a more communal and a more positive outlook towards blockchain technologies and cryptocurrencies. In a world that seeks to build regulations upon regulations, a little more of this sort of thing may very well go a long way in securing our future within the blockchain revolution. After all, as Hufeld agrees, the blockchain revolution is indeed a revolution.