Cryptocurrency, an opening comes from Samsung

Article published on “Milano Finanza”, January 30, 2019

There was a time when we had our alarm clock’s warning on the nightstand and a wristwatch. Then came cell phones and everything changed. This is happening about the blockchain, a revolution at a cultural but also at a technological level, that will soon be literally in our hands. Following the tech giant Huawei, according to rumors, Samsung could implement a blockchain-based crypto wallet able to maintain digital currencies and make payments. These applications have already installed on the next smartphones models.

The imaginary wall between experts and common people collapsed past year, when the whole world – for several months – did nothing more than talk about bitcoin and (more generally) cryptocurrency. This is going to be the crucial year for the fintech breakthrough in the world: banks, multinationals and international bodies are doing precisely that. They are followed by entrepreneurs, investors and savers, reassured by the prospect of an imminent and definitive regulation of the sector.

This is the missing piece which threatens to slowing down a development very fast so far. Laws and rules are slow and complex procedures. We have to analize the situation and consider that from different perspectives to predict its development and find a synthesis applicable in practice in every country in the world.

Past year less than 0,4% of the global population had experience with this matter (we reported this figure in our book “Crypto-Revelation”), it is easy to understand what are growth prospects if only some of this people exploit the extraordinary potential of this technology. That represents a huge market made up of billions of people.

As we said before, the future is in our hands. We have to think about a tool that we use in our everyday life. Smartphones are an extension of our body. We look at it every 7 minutes on average: it is difficult today to imagine (or remember) a life without it. The mobile industry changed a lot of our habits and now it will also do so affecting payments.

In this revolution could not be excluded the banking sector. Banks have carried out market research and tests to develop digital wallets. The last trial is was done by the Dutch Abn Amro on a sample made of several hundred clients. Instead a few days ago the Swiss Falcon has introduced a service for cryptocurrency management, trasnfer and storage. Back in July 2017 the local Federal Financial Supervisory Authority allowed Falcon for blockchain-based assets management.

Blockchain is plenty of other choices. A further example concerns political vote and polls. Only a few months ago in Zugo (Switzerland), a blockchain-based tast about vote was made. Blockchain applied to vote means no frauds and no contested votes promoting the will of the people. Blockchain transparency and immutability may be crucial about election polls and are able to improve the quality of the political debate avoiding unreliable surveying which threaten to disorient electors. This also applies to market research: the analysis of consumption
will be targeted and related marketing strategies by firms will be more effective.

And what about healthcare? Thanks to the blockchain, health is an area that will change more then others (especially with regard to drug supply chain and protection (and integrity) of personal data). Here too, the possible applications are endless. On this issue, we at the Consulcesi Tech are invited to participate in a conference organised by the Link Campus University and Senator Pierpaolo Sileri, president of the Senate’s Health Commission. We will take part as speakers in this meeting scheduled on February 21 in the Italian Senate.

So, the blockchain is a revolution comparable with internet or the television. As we said before, the essential question of the industry regulation is still open. There are already some realities which have passed this obstacle through regulated funds. The first one in Europe was “ConsulCoin Cryptocurrency Fund” by Consulcesi Tech. This is our answer to a challenge launched some time ago: operating in a context based on legal certainty and on taxation. Only a strong and well founded regulation can ensure a future full of new and incredible opportunities.