Blockchain has brought a number of great benefits. And in just the last ten years, it is now gaining the attention of regulators. The SEC has even considered Bitcoin and Ethereum as commodities and not as securities. Unfortunately, considering how the value of Bitcoin skyrocketed, it has created thousands of other cryptocurrencies looking for similar success.
One of the biggest cryptocurrencies is Ethereum, for Ethereum co-founder Joseph Lubin who appeared at the London Blockchain event, he thinks that the old technology which handles finance was built on a “flimsy foundation, and a subjective trust”. He believes that people are moving away from a world of top-down control hierarchical system that operates on automated trust systems.
He further explained that “The thesis there is if you’re gonna build these foundational elements, if you’re going to move all of the native foundational elements, like identity, and money, and government certificates and reputation and agreements into natively digital form, decentralization is very important”.
Among those who are present in the event is Daniel Larimer who works as the CTO of BlockOne and Kevin Hobbs who works as the CEO of Vanbex. For Larimer, the biggest excitement is to see blockchain technology being used by different businesses, and not only in the financial sector. He explained that in the case of EOSIO, there is a chance that blockchain can be applied in things such as email, social media, and even decentralized exchanges.
Larimer explained that “Particularly, the bridge of blockchain from just being a technology to something that is seamlessly integrated..people don’t know they are using the blockchain. I think that’s the real future of the technology”.
Social Media Has No Other Choice But to Adopt?
Daniel Larmier also explained that blockchain was a “back-end thing” that businesses adopt. In his view, social media platforms such as Facebook and Twitter have no other choice but to upgrade to using blockchain if it wants to stay relevant in the next 10 years. He also sees the technology being able to change the way people handle legal documents and identity.
As for Hobbs, he thinks that there are a number of problems that the blockchain industry is facing. And since Vanbex has been working with hundreds of other companies since 2013, he realized that a single solution isn’t going to solve all the problems. However, he is optimistic regarding the blockchain and crypto niche. He said that “If you look at the internet in 1991, the first website was launched in 1994, the first search engine was launched in 1997. Amazon had over a million users, so in a decade the internet went from an idea to an iteration that everybody can use. That’s what we’re lacking in blockchain”.
Will Adoption Come Sooner?
Vitalik Buterin, the co-founder of Ethereum mentioned that people are putting so much focus on a Bitcoin ETF when they should actually be focused on adoption. Adoption is also the reason why Ripple is currently on the rise. The xRapid product by Ripple is highly anticipated because of its potential to increase bridge commodities and cryptocurrencies.