Financial markets are plagued by many problems. Among them, trust is an aspect of traditional systems that continues to plague the world time and again. Often times, public calls for open transparency have gone unheard. People like Shervin Pishevar acknowledge that financial systems need to be transparent. In response to the growing call for change among millennials, Shervin Pishevar has proposed cryptocurrencies as the main solution for broken financial systems.
Cryptocurrency markets offer more than mere transparency. Shervin Pishevar will attest to their benefits in the areas of decentralization, immutability, and distribution among the masses that participate in a given blockchain system. Each of these aspects provide a crucial piece to modern monetary value exchanges across digital networks. Immutability is essential because permanent records assure certain transactions that occur over time, across borders, and among multiple parties. Decentralizing a public ledger is a critical aspect of network trust. So is its distribution for anyone who wishes to keep their own copy. Together, decentralization and public distribution puts control in the hands of all network participants. This is quite a change from a central authority with private access to accounting records.
Among all the benefits of crypto systems, transparency is the feature that can yield the greatest amount of trust the fastest. Consider how most digital transactions are completed today. We all have private credit cards. Our only connection to these transaction records are those that central authorities at our credit institutions and the providers of our products make visible to us. Even peer-to-peer payment systems offer nothing like cryptocurrencies. With systems like Bitcoin, any transaction can be viewed in all its detail. This is more than comforting. It is a worked out proof for every value transaction that will never change as long as some computer somewhere in this world maintains a copy.
The ultimate impact of transparency is immediate trust. Shervin Pishevar might say that it is what is needed to mobilize action for a new financial system. But, it is also functional. These records allow for the type of dynamic applications that digital systems can use right now.