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21 SPRING 2022 phone tied to the internet, which is all you need to have a crypto wallet. DO: People of color and women in technology are embracing and leading the revolution in crypto. Given that everyone is starting from the same point, new voices and opportunities have come in to reshape the future of finance. In cases of developing coun- tries where banking and government operate in a low-trust environment, citizens using only their mobile phones are using cryptocurrencies as a medium of exchange that is more stable and trusted. But people need to reconcile that crypto is an emerging asset class. The risk profile, the volatility, is so funda- mentally different from anything they've ever experienced. TM: In the near future, do you think I can go into the supermarket and pay using Bitcoin or other cryptocurrencies? DO: Bitcoin is not a perfect cryptocurrency. In recent years, regulators and investors have stopped calling it a currency and refer to it as a digital asset because it behaves more like gold or silver than bank notes. The Bitcoin network is, by today's standards, a slow and cumbersome network that, on average, takes almost 15 minutes to finalize. Imagine paying for a candy bar at the register and not knowing if the value of the crypto- currency you paid with has gone up or down — whether you overpaid or underpaid for the price in dollar terms. JH: I think some of the other digital assets and new blockchains being built today are faster and will be able to process transactions on par with credit card processors. TM: Does the blockchain have any other uses? DO: We're seeing a sea change in the industry in terms of people no longer seeking careers in the echelon of traditional banks — they're moving to these blockchain startups to basically build this new monetary system. The blockchain is an emerging infra- structure technology that's remaking how banks and intermediaries share data. This could be true for medical, real estate, supply chains, finance, and everything in between. JH: Handling the flow of goods and services around the world, supply chain management has been seen as a major opportunity for blockchain tech- nology. Think about real estate — every time a house is sold, there are fees to conduct a title search. What if your town made all of the titles and ownership available on the block- chain? We could eliminate the need for certain intermediaries and costs associated with those searches. TM: Do you see crypto becoming more accessible or popular in the coming years? DO: Yes, I do. Cryptocurrencies will continue to be adopted by new investors and institutions, and the blockchain will gradually transform how banks exchange money. JH: Absolutely. Crypto has only been around for about 12 years and has quickly become part of everyday conversation. We are still in the bottom of the first inning of crypto's long-term capabilities to transform finance. There is a great opportunity for the U.S. to lead as an innovator in this space. ■ HAVE MORE QUESTIONS? Write to magazine@tcnj.edu and we'll ask Jeff and Dennis to help answer them. Yolander Prinzel is a financial writer and editor who writes for Advisor Today, LendingTree, and American Express.

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