Samsung NEXT Executive Gives More Importance to Decentralization (Goal) than Blockchain (Tool)
Decentralization seems to be more important than blockchain itself. This is what a senior executive at Samsun NEX said during an interview with JAX on January 10. During this interview, Ricardo J. Méndez, the Technical Director at Samsung NEXT, talked about blockchain technology, decentralization and how this will affect the future of the space.
Méndez explained that decentralization is more important than blockchain since the latter is just one more tool that can help in a decentralized context. However, he went on saying that a tool is always less important than the tool itself.
In general, companies are currently making analysis and investments around blockchain technology to be used as a way to streamline processes rather than decentralizing companies. In general, centralized institutions are more effective than other decentralized firms.
The director has also spoken about cryptocurrencies and how they interact with privacy and information. He said that most digital asses are completely decentralized and also 100% public.
On the matter, Méndez commented:
“Peer-to-peer approaches require you to broadcast your activity to peers, so they need an extra privacy layer (like a VPN or mix network). This is why, as an industry, we need to get better at explaining to users the trade-offs of different approaches.”
Samsung is interested in blockchain technology and also about digital assets. Back in October 2018, the South Korean giant started to produce a new 7nm chip that is known as Low Power Plus (7LPP) process node.
This is one of the many initiatives that the company currently has. In December 2018, the company was seeking a U.K. patent to create a digital currency wallet.