Most of us automatically associate blockchain technology with decentralised finance (DeFi). Although this is a perfectly valid observation, it sometimes takes a mind capable of thinking outside the box to appreciate the big picture. Emmanuel Musa is a perfect example of the next generation of cryptocurrency gurus; a man with a malleable mindset, and an even more flexible approach to where the industry is headed.
He has also used his extensive background in management information systems to provide us with a unique take on where the blockchain may be headed, and readers might be surprised with what Mr. Musa has to say.
The Core Traits of the Blockchain Explained
Due in large part to his university background, Mr. Musa prefers to break things down into easily digestible chunks. This is even more relevant when discussing the intricacies often associated with the blockchain. He had the following to say about its core principles:
“The blockchain really isn’t as complicated as many make it out to be. This system is based on several immutable principles including transparency, decentralisation, accountability, and efficiency.”
We can already see how these figure prominently throughout the cryptocurrency community. This is also the very same reason why the entire notion of democratised peer-to-peer lending would have been a moot point without the presence of the blockchain.
Mr. Musa continues to elaborate on the points mentioned above by stating that “It would be incredibly foresighted to assume that these factors do not have other applications within today’s digital society. This is why I feel that we are only beginning to witness the tip of the iceberg.”
Increased Accountability
“I firmly believe that a shift towards transparency occurred well before the blockchain was even introduced,” he continues. “Thanks in large part to the global economic crisis of 2007-2008, consumers have become wary of central banks, big brother, and other systems with questionable methods of accountability.”
He then goes on to highlight how the blockchain is able to act as an alternative means to perform everyday tasks, and these involve much more than cryptocurrencies alone. His ongoing blog posts highlight the ways in which blockchain technology can now be applied across seemingly disparate systems.
However, clarity is not the only reason why the blockchain now represents one of the most innovative DeFi solutions on the market. Utility plays an equally important role, and this could have an even greater impact in the coming years.
A Jack of All (Digital) Trades?
Mr. Musa makes it clear that blockchain technology is not expected to replace traditional fiat point-of-sale systems, or software bundles that countless consumers have come to rely on. These systems simply provide a viable alternative that offers a decidedly flexible edge. He points out a handful of industries that have already begun adopting DeFi principles:
- Real estate
- Voting campaigns
- Supply chain technology
- The protection of intellectual property
- Medical records management
We can see that these sectors do not have to be directly associated with payments, transactions, or even cryptocurrencies in general.
He states that “The blockchain supports various functions that have become vital across several sectors. A secure means to share data, cloud-based storage solutions, identity verification, double-checking transactions against validated ledgers, and ensuring that records are not tampered with are some applications that have become vital in the 21st century.”
The Future is Already Here
One of the traits that Emmanuel Musa always brings to the table is the ability to distill complicated subjects into material that can be understood by the everyday consumer. This is also why his professional online presence continues to grow. However, he stresses that the widespread adoption of blockchain technology is far more than a pipe dream.
“Take a look at the average smart contract,” he observes. “The majority now use blockchain-based algorithms to perform certain actions once a specific condition has been met. This is only one example of how DeFi is truly taking on a life of its own.”
We wanted to conclude by asking Mr. Musa if he felt that the blockchain was foolproof. To our surprise, he provided us with a decidedly balanced answer.
“I don’t want to come across as if I am completely in favour of what the blockchain has to offer. There are still some issues that may need to be ironed out. A handful of professionals would like to see some type of centralised governance put into place. Other concerns such as permanently losing a private key also present possible stumbling blocks. However, let’s remember that this technology is less than two decades old. I am fully confident that further refinements will be made.”
We have to agree with Mr. Musa, and considering how ubiquitous these systems have already become, there is little doubt that even more industry-spanning transformations are just beyond the horizon.
