Ethereum Co-Founder Says Outdated Technologies Are Based On “Subjective Trust”

During a blockchain event that took place in London, several industry leaders were present to discuss the current reality behind blockchain technology and what it has in store for the future. Some of the said leaders include none other than Co-Founder of Ethereum, Joseph Lubin, CTO of BlockOne, Daniel Larimer and CEO of Vanbex, Kevin Hobbs, as per AMB Crypto’s reporting.

The three leaders have shared several similar outlooks on the blockchain industry, while making very interesting points in relation to how things went down in the technological sphere in the past, and its importance moving forward.

Larimer seems to be ecstatic of the progress made thus far, as he notes that blockchain is not only preferred among the financial sector and in terms of security, but also across different businesses and platforms. He also describes blockchain technology as being “seamlessly integrated,” where consumers are unaware of its uses in the very moment. Such integration, according to Larimer, is “the real future of the technology”.

Larimer went on to identifying the key industries that are most likely to get positively influenced by blockchain. Some of the examples he gives include legal documentations, and authentication processes. He sees this as being crucial because it can prevent consumers from signing up to something that is potentially fraudulent.

Hobbs was next to share his viewpoints and based on his experience – dealing with over 100 companies who’ve been looking into integrating blockchain within their core values – it supposedly came to attention that there is no one solution to a given problem. He gives an example of the Internet, and how multiple solutions and improvements were needed to make it happen. In particular, he said:

“If you look at the Internet in 1991, the first website was launched in 1994, the first search engine was launched in 1997. Amazon has 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.”

Finally, Lubin seems to have done most of the comparing than the latter two. More specifically, he spoke of the foundation of older technologies and how today’s technology is far more superior. He described the former’s foundation as being “flimsy with a subjective trust”, and over time, he definitely sees people transitioning from the more “controlled hierarchy system” to one filled with “trust systems”.

However, he argues that in order to successfully transition, the notion of centralization needs to be eliminated once and for all. In particular, he said:

“If you’re going to move all of the native foundational elements, like identity, and money and government certificates […] into natively digital form, decentralization is very important.”

What are your thoughts on the various outlooks given on blockchain technology? Has the time come for us to let go of past technologies, which could be hindering progress? Let us know in the comments below!

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