Abra’s Bill Barhydt is Not a Fan of Enterprise Blockchains… Here’s Why the CEO Says They Will Fail
In a recent interview with Fortune Magazine, Bill Barhydt, CEO of Abra stated that corporate adoption of blockchain technology will be of little-to-no consequence in the larger scheme of things for the crypto industry.
For those of our readers who may not be aware of ‘Abra’, it is essentially a Bitcoin-based trading app that has been devised to help novice/experienced investors trade fiat assets, virtual tokens as well as Nasdaq-listed stocks in a seamless manner.
It is also worth remembering that Bill Barhydt was one of the first people to be hired by Netscape, an internet company that first gained traction during the late 90’s. During his recent appearance on the “Balancing The Ledger” show, he was quoted as saying:
“We went through this craziness in the late ’90s where for about a year and a half everyone was talking about this term ‘extranet’.It’s exactly what’s happened with all this enterprise blockchain nonsense.”
Further expanding on his POV, Bill Barhydt mentioned that as we move deeper into the future, cryptocurrencies with open-networks such as Bitcoin will be able to “prevail over closed versions of the technology” — a model that is generally preferred by traditional biz. operators.
More on the Matter
Barhydt is not the only big-name player to be a bit wary of enterprise blockchain solutions. For example, recently the executive brass over at McKinsey consultancy also stated that enterprise blockchain development had recently been stagnating across the globe.
Similarly, research firm Gartner also relegated the technology to the very bottom of its “hype cycle” chart at the end of 2018.
“People have this fallacy idea that they’re going to make blockchain work inside the firewall. It’s all going to fail miserably. Just like people realized extranet was a waste of time, it was all about the Internet,” Barhydt went on to add.
Other Key Points Worth Noting
- Barhydt is of the opinion that there is very little value in JPMorgan Chase’s debut of the JPM Coin — a digital asset that has been designed to serve as a VC for the bank’s institutional clients.
- Supporters of enterprise blockchain networks claim that currencies like BTC, ETH, will never be able to handle the tx capacity displayed by private networks.
Despite the altcoin market at large struggling economically over the course of the past 12-14 months, the fundamentals of the industry appear to be stronger than ever before. It now remains to be seen what the future has in store for this burgeoning space.