Monday, April 22, 2019

New York University Professor Says Blockchain Is No Better Than Excel Spreadsheet

Nouriel Roubini, a New York University Professor and nonbeliever of Blockchain and cryptocurrencies once again took advantage of the opportunity to bare his mind. The professor stated that Blockchain is no better than an Excel spreadsheet. More remarks of this nature were made at the 2019 Blockchain Economic Forum in Davos, reports a media outlet on January 25.

Nouriel Roubini Believes Blockchain is a Fancy Database

Based on reports, Nouriel Roubini believes that Blockchain is a fancy database that can be likened to an Excel spreadsheet. He also outlined that cryptocurrencies are the mother and father of all bubbles. These and many more comments were backed by several reasons which have led the professor to these conclusions.

In the area of virtual assets, the professor reportedly said: “any crypto payment system is a problem”. He added that Bitcoin is slow since it handles 5 transactions per second in comparison with VISA’s 25,000. Also, most cryptocurrencies are not currencies because they are not a unit of account and a means of payment.

Crypto Sites Should be Less Excited of Central Bank Digital Asset

According to Roubini, cryptocurrency websites should not be excited about a central bank launching a digital currency. Such virtual currency in his opinion, will not be centralized because it will have central control. The asset will be better than existing virtual currencies and as such, it will render them obsolete, the professor said.

When it came to financial technology, Roubini stated that he believes a revolution in financial services is underway. He also pointed out that cryptocurrency and Blockchain will be unable to compete with this revolution because they are just flashes in the pan. What Blockchain has to offer is already evident with what IBM has done so far, said the professor.

Professor’s Opinion in the Area of Blockchain Varies With Many Others

Nouriel Roubini’s opinion of cryptocurrencies is not the first of its kind. This is because some members of reputable companies have the same belief. However, the latter has noted that Blockchain has potentials and will be massively adopted in the future. JP Morgan, an investment bank, for instance, said cryptocurrencies will remain challenged, but Blockchain will be useful especially in the area of trade finance.

BTCNN also reported on January 24 that Jeff Schumacher, founder of BCG Digital Ventures predicted that Bitcoin’s price will fall to zero. Schumacher’s statement was made while in an interview with CNBC, where a debate was conducted with reputable members of several industries. One of such, is Brad Garlinghouse, Ripple’s CEO who said Blockchain will gain massive adoption within the next five years.

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