DLT is a financial and cryptocurrency game

Following a tumultuous 2022 marked by the collapse of various cryptocurrencies amid market volatility, the financial services sector is gearing up for major changes. Big shakeups related to distributed ledger technology (DLT). In any case, the projections of experts from Quant, Wecan and Ripple seem promising on this issue.

What is Distributed Ledger Technology (DLT)?

Distributed ledger technology (DLT) is a computing method that allows data to be stored and shared securely and transparently between multiple parties without the need for a centralized intermediary. Specifically, it is like a decentralized digital ledger where every transaction is permanently recorded and visible to all network participants. Distributed ledgers use encryption techniques to ensure data integrity and confidentiality, making them highly resistant to tampering and malicious attacks. This technology is the basis of cryptocurrencies such as Bitcoin, but it also finds application in many other areas such as finance, logistics, health and many others.

Regulatory imperatives as a common thread for DLT?

The failures seen in the unregulated cryptosphere in 2022 are a reminder of the need for regulatory oversight. As the market grows, governments and regulators are stepping up their demands for robust rules to protect users and mitigate systemic risks. Drawing inspiration from initiatives such as the European Union (EU)’s comprehensive regulatory framework, authorities will work to create guidelines to govern the evolving crypto space. This is a prerequisite for the stability of the sector, a guarantee of its usefulness.

Stability and utility driving DLT expansion

With speculative fervor waning, attention in the crypto space should turn to more sustainable applications of blockchain technology. Layer 2 or Layer 2 technologies will come under scrutiny as poorly designed platforms give way to more resilient networks. In addition, tokenization should democratize access to assets not traditionally considered liquid and open avenues for small investors within a regulated framework. This would encourage institutional adoption of digital assets while attracting talent to the crypto sector.

Institutional adoption and talent attraction is gaining momentum

Today, established financial institutions are recognizing the potential of blockchain to streamline operations and generate revenue. It is forecast to redouble its efforts to integrate DLT solutions. Subsequently, demand for blockchain specialists will skyrocket as banks and asset managers launch tokenization projects. However, the shortage of skilled developers is a problem that requires strategic talent acquisition and investment in upskilling programs. This in the context of the politicization of some entities such as central bank digital currencies (CBDC).

CBDC will become more and more politicized!

According to analysis, central bank digital currencies (CBDCs) will remain central, fueling political debate and scrutiny. As concerns about privacy and government control persist, the inevitability of CBDCs in the overall financial ecosystem is becoming more evident. Democracies, though cautious, will realize the need to compete in the emerging monetary ecosystem shaped by digital currencies. The challenge for them is to help build interoperability and trust.

Enhancing interoperability and trust

In the face of exposed vulnerabilities, more emphasis will be placed on strengthening the links between blockchain networks. Implementing strong cybersecurity measures and improving smart contract verification will increase trust in cross-chain transactions. Instead of major changes in infrastructure, emphasis will be placed on expanding existing systems with additional security protocols. A platform like Wecan builds itself to take into account these perspectives supported by DTL.

Wecan, this key player in the DLT market

Wecan presents itself as an innovative alternative in the ecosystem of blockchain and DLT technologies. The company differentiates itself from its competitors with its commitment to interoperability. This is thanks to its Wecan suite, which offers secure access backed by the Wecan Chain blockchain.

Wecan’s focus on interoperability allows companies to easily integrate their existing systems with various blockchains and DLTs. This flexibility enables Wecan to meet the evolving needs of businesses seeking to take advantage of blockchain technology while minimizing operational disruption.

At the same time, Wecan Chain offers a tailor-made blockchain platform that offers customizable features and a modular architecture. This approach allows companies to create blockchain solutions tailored to their specific needs while maintaining full control over their infrastructure.

Whether it is the traceability of supply chains, the management of digital identities or the development of smart contracts, Wecan positions itself as a strategic partner. Especially for companies looking for reliable and scalable blockchain solutions. By combining interoperability and customization, Wecan offers a holistic approach to blockchain that addresses the complex challenges of the modern business world.

The cases of Quant and Ripple

In the ever-changing landscape of blockchain and distributed ledger technology (DLT), Wecan is not the only player. Two other platforms are making waves in the area. These include Quant and Ripple, which, like Wecan, bring their own distinctive features.

Quant, the leader in DLT through Overledger

Quant is positioning itself as a leader in the DLT sector with its flagship product, Overledger. Unlike its competitors, this one offers a complete solution allowing applications to run on multiple blockchains and DLT without worrying about the underlying technical details. This distinctive character especially attracts multi-chain application developers who are looking for a transparent and flexible solution for their projects. Through Overledger, Quant addresses the growing needs of interoperability in the blockchain ecosystem and provides significant added value to its users. Its strategic location is different from Ripple.

Ripple and its payments-centric approach

Ripple’s technological approach is fundamentally different from that of Quant and Wecan. Indeed, Ripple is primarily focused on its RippleNet payment network, which features the use of its own XRP cryptocurrency. Unlike Quant, Ripple specializes in fast and cheap cross-border payments and financial transactions. Its target group consists mainly of financial institutions that are looking for an innovative and efficient payment solution. With its fast payment network and low fees, Ripple offers an attractive alternative to traditional international money transfer systems. This gives it a strong position in the decentralized payments market. This is also part of what sets Ripple apart from Quant and Wecan, which offer a wide range of applications.

Also read: Challenges and perspectives for cryptocurrencies and blockchain

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