Tuesday, February 18, 2020

Ethereum’s Co-Founder Says Blockchain Will Be a Significant Part of the Economy In 10 to 20 Years

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

Joseph Lubin, Ethereum’s co-founder while in the SXSW conference in Austin stated that the global economy will record 10 times growth within 10 to 20 years from now. By that time, blockchain would’ve fully ramified to play a significant role in the economy, reports a media outlet on March 16.

Tremendous Growth in the Global Economy

Per the report, Joseph Lubin is confident that 10 to 20 years from now, there will be tremendous growth in the economy. When that happens, Blockchain, the technology which cryptocurrencies are based on would’ve fully ramified to play a major role in these economies.

The co-founder also pointed out that in 1983 when the email was launched, only a few “normal” people were using it. He also likened it to the case with blockchain where those that have adopted the distributed ledger technology in the present day are not “many normal” people.

Lubin Says Bitcoin and Ethereum Have Certain Inefficiencies

Asides from blockchain’s future in a decade or two from now, Lubin also outlined that Bitcoin and Ethereum have certain inefficiencies. Some of these are the need for high electricity, specialized hardware, and lots of computation in order to keep everyone in synchronization. However, this won’t be the case with the Ethereum 2.0.

According to Lubin:

With Ethereum 2.0, in 18 months] we’ll have a blockchain system much more powerful and scalable that uses orders of magnitude less energy

Artists and Journalists Can Benefit from the Use of Blockchain

On March 12, Ethereum’s cofounder also said that artists and journalist can benefit from the use of the blockchain. When it comes to journalism, blockchain-based platforms can enable content to get to their readers directly. It can also help to restore the ethics of journalism.

For artists, Lubin said it eliminates middlemen while also enabling artists to set policies as to how their content is used and shared. He added that record companies are obtaining a larger share of about 70 percent of value whereas the artists themselves controlled about 11 percent. Thus, “we can replace those record companies with smart contracts on the Ethereum platform,” he added.

More Industries Adopt the Distributed Ledger Technology

Asides from the co-founders remarks about blockchain’s potential to the economy and sectors within it, industries like the telecommunications, automotive, health education, and several others have adopted the DLT. A country like Russia recently launched an updated e-voting website that is based on the blockchain.

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