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Ravi Kurani: Bitcoin Will Eventually Make Banks Obsolete

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The future projection of blockchain and its current challenges were the main topics which made up most of the subject of the talk as Ravi Kurani graced the podium at the Blockchain Venture Summit in Istanbul. Ravi Kurani is a fintech and blockchain venture capitalist at Earlybird Venture Capital, which boasts experience spanning three decades since its founding in 1997.

Blockchain Has an Exciting Future

Ravi Kurani started his talk at the BVS on an optimistic note,even though he admitted that as a VC he is obliged to maintain a realistic perspective. He said that Earlybird has long been a believer in the possibilities of a new decentralized blockchain-enabled economy, and that the company is poised to support blockchain ventures.

Overall, Kurani expressed excitement for Blockchain’s future, saying that the decentralized capabilities of Blockchain are practically limitless. He stated that although the current centralized state of the Internet has brought great value with companies such as Google, Facebook and Amazon dominating the space, there are many challenges associated with this.

Blockchain is well positioned for the future due to the fact that its nearly impossible to hack and it is decentralized, meaning users of blockchain networks can enjoy less vulnerability to DNS attacks, and low transactional costs – not to mention higher transparency and interoperability.

Blockchain Is More Than Just Finance

Kurani also added that although Bitcoin has the potential to make traditional banks obsolete, its capacity for change goes beyond finance. He explained in his talk that companies such as cryptokitties are basically changing the idea of digital collectibles. In fact cryptokitties, a blockchain-based entity that might have earlier been considered a joke, is now receiving funding from renowned venture capital firms.

Kurani also said that blockchain is revolutionizing politics, such that it can allow liquid democracy where individuals can transfer their votes securely on a distributed network. However, to achieve a completely decentralized economy, Kurani identified regulatory uncertainty scalability, volatility and effective user interfaces as some of the prevailing problems that prevent the full realization of blockchain’s potential applications.

The session with Kurani ended with a panel discussion, where Ogeday Karahan moderated the talk and Burak Yeniguin of Stylus Capital engaged in a conversation about “why security tokens could be the next big crypto trend”.

What do you think about security tokens? Do you think Kurani is right by saying Blockchain could enjoy mainstream uptake once the challenges are dealt with? Share your opinions in the comments section.

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