Felix Hufeld, chief of the German Financial Supervisory Authority (BaFin), the government’s main financial agency, stated in a speech at a conference held in Berlin that blockchain technology has the potential to turn the traditional finance industry upside down.
Optimistic Long-Term Vision
Despite the recent correction of the cryptocurrency market and the drop in the values of major digital assets like Bitcoin and Ethereum, Hufeld emphasized that the capability of the blockchain in powering decentralized applications “could actually be revolutionary” and added that the elimination of single points of failure allow blockchains to operate as secure and transparent financial networks.
