FTX CEO Explains How Blockchain Technology Can Help Social Media Become Interoperable
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This crypto winter has brought doubts from critics on the use cases of blockchain technology, and one of the most reputable figures in the crypto community has highlighted some major points that could further confirm the position of blockchain as a disruptive and innovative technology.
The CEO of FTX – a crypto exchange, Sam Bankman-Fried took to Twitter to share some major use cases of the technology and also highlighted how various industries can profit from integration with the tech. According to the CEO, the technology can help in solving the various flaws in the stock market, simplifying payment processes, and also revolutionizing the use of social media.
Sam Bankman-Fried, often called SBF for short, said the cross-border payment process has many issues surrounding it and he went ahead to highlight a few of the issues, including intermediaries, which often cause an increase in transaction fees, and long processing times, and the uncertainty of the system.
Blockchain: a solution to the economic imperfections
According to the FTX CEO, blockchain technology has solved this issue which has been for a long in the financial industry by just a process of three simple steps where the sender opens a wallet, the receiver also opens a wallet, and the balance is transferred. SBF argued that this process will eliminate the long waiting time in the traditional financial structure while also replacing the fee and completely solving the uncertainty factor attached.
Also, SBF pointed out that the technology is capable of redefining the process of trading the stock market, which has been known to have different flaws. In the Twitter thread, he mentioned the faults revealed by the short squeeze of GameStop where the stock retailers had to shut down because of the risks in the settlement. He then added that the simple answer and solution is tokenizing stocks.
SBF argued that just like the payment solutions, trading tokenized stocks through the blockchain can help in completing transactions in about seconds, and also reduce the uncertainty attached to settlements with a lower fee structure.
Social Media Inoperability
In concluding his thought, SBF said that social media needs to be more interoperable. He said it is quite overwhelming for a single user to go through different apps in managing various applications which are platform specific.
SBF, in his opinion, said the blockchain has the potential to increase the interoperability of social media and allow messaging across multiple platforms. He believes that the message relaying from one platform to another can be done by making use of public chains.
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