According to Circle CEO Jeremy Allaire, the blockchain industry is about redesigning the basics of how civic society functions. Allaire communicated this sentiment at a panel at the 2019 Spring Meetings of the World Bank Group and the International Monetary Fund (IMF) in Washington, D.C. yesterday.
Allaine discussed his thoughts on the issues pertaining to the crypto and blockchain space in a panel called “Money and Payments in the Digital Age,” which was moderated by the IMF’s managing director, Christine Lagarde. Also participating were CFO of Consumer and Community Banking at JPMorgan, Sarah Youngwood, European Central Bank’s (ECB) Benoît Cœuré, and governor of the Central Bank of Kenya (CBK) Patrick Njoroge also participated in the panel.
In speaking about the major problem of trust that exists in humanity’s dealings with technology — and blockchain technology in particular — Allaire noted that the importance of the concept of “in crypto we trust.” Or, in other words, rather than relying on humans or other unreliable intermediaries, blockchain’s ability to trustless verify transactions of all kinds would allow for “radically more private, resilient, secure, and self-sovereign forms of financial transactions.”
However, as Allaire argued, these transactions are not limited to simply payments, but also encompass a “fundamental new infrastructure for record-keeping of important information and providing a dramatically more decentralized, resilient” basis for creating solutions to modern problems.
After the panel discussion, Lagarde stated that blockchain technology is currently disrupting the financial sector, noting recent developments like JP Morgan’s launch of its own stablecoin, and new ECB initiatives that seek to provide free and instant transfers of value:
“I think the role of the disruptors and anything that uses distributed ledger technology, whether you call it crypto assets, currencies or whatever — and it’s far from the Bitcoins we used to talk about a year ago — that is clearly shaking the system.”