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George Friedman: Blockchain Will Be “Obsolete”

George Friedman, a respected geopolitical analyst, famous for being the author of “The Next 100 Years: A Forecast for the 21st Century”, mentioned that blockchain technologies will eventually become obsolete.

According to the well-known researcher, despite constant innovations, eventually, attacks on the Bitcoin network will be so easy to realize that it will cease to be a secure means of storing value.

George FriedmanGeorge Friedman

“It’s useful. It’s visible… (But) at some point it’ll be obsolete.”

As can be seen by his previous works, George Friedman bases his opinions on history. In the past, even the most complex means of cryptography have been deciphered over time.

In this regard, George Friedman told CNBC on Thursday:

“I’ve never known any encryption technology not to be broken… I doubt between Russia, China, U.S. intelligence services” that blockchain can’t be decrypted.”

George Friedman

So far, the increased difficulty in the consensus algorithm is one of the primary guarantees of the robustness of a blockchain. However coding errors have allowed the success of some hacks.

A few weeks ago, one of the mining algorithms of the Verge network was attacked, allowing the excessive production of new tokens.

This type of attack is very different from the hacks done to exchange houses because while in these, the failures are of third parties, in the 51% attacks, the exploit is found in the blockchain code itself.

It is important to note that sustained advances in quantum computing are a potential risk for DLTs because they could decrypt a blockchain almost immediately upon deployment.

Regarding blockchain technology, George Friedman proved to be part of the skeptical group.

“[Blockchain is] one of those hypes. People [are] profiting from it, making extraordinary claims about it.”

George Friedman

George Friedman:

Not Your Typical Predictor

The well-known analyst has made predictions especially in the field of international relations. His studies are of particular interest, being used as a reference by several strategists and researchers around the world.

George Friedman's SignatureMr. Friedman’s Signature

His vision of the world has been known to defy commonly accepted standards and positions. According to Friedman, the United States is maintaining its status of power with little chance of significant change.

Similarly, he predicted that China would collapse economically and politically even though this currently seems impossible.

At the present time, China is one of the BRICS member countries along with Brazil, Russia, India and South Africa. This group brings together the world’s major emerging economies which could be dominating the world’s gross domestic product in the coming years.

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Does Blockchain Appeal or Pose a Threat to Tech Leaders – Ethereum co-founder

Supporters and enthusiasts of the just mainstream-hit technology: Blockchain and cryptocurrency, a tech that does originate from Bitcoin, have a self-push sometime to tuck a needle towards Tech Giants of our era. In their view, blockchains—and all the decentralization they offer—pose a threat to incumbents.

However, do the ‘tech kings’ have any attraction towards the blockchain technology and virtual currencies that are finding adoption everywhere nowadays. The cofounder of Ethereum – Joseph Lubin, the second largest crypto-chain network in the digital currency world, following only Bitcoin, commented on the matter at an Oct 24 event in Manhattan held by news outlet Quartz.

Oracle is just starting on their blockchain journey,” he said.

“Apple seems to be largely uncaring and unaware. Google is making investments, but it’s not clear that they have lot of activity going on,” Lubin continued. “Amazon, we’ve not seen that much, so we’ll see.”

On the interviewer question that is there a risk or chance that blockchain tech like Ethereum’s could overturn any or some of the corporate giants, Lubin replied:

“Yes, I could absolutely imagine a decentralized Amazon,” Lubin replied. “We’ve seen the pieces. They’re not all connected to one another. They’re not all but out or remotely mature, but I could imagine an open platform of many different actors with different roles.”

The same fate could occur to Facebook – the cofounder added, who is also creator of ConsenSys, a studio based in Brooklyn that develops projects based on Ethereum blockchain.

“We could stand up decentralized platform that offers same services.”

A major side-change for the conversation was Microsoft, the elite tech giant which is significantly bullish about the new technology of blokchain, gathering together with other companies in the recent months. In August this year, the company released its “Coco framework,” a technology that improves different approach-aspects of blockchains for enterprise, including better performance and confidentiality on its Azure cloud platform. The platform allows costumers to run blockchains that help users manage virtual bank guarantees.

To be sure, Lubin is not nearly as iconoclastic about the present-day tech giants as some of his peers. He prefaced his remarks by saying that “those are awesome companies—they’re just mind-blowing.”

In a warning understanding – Lubin added that companies which take movements as middlemen will have to come with a new vision of the future which is presented by blockchain – “They’ll get religion and become aware. I don’t think you’ll see intermediaries extracting too much value sticking around for too long.”

Ethereum and its system does present somewhat a challenge against Facebook, Google or Amazon as the giants hold a lot of audiences data that has been collected about them. So, any kind of paradigm or structure that will be taking back the information to the original user does present its own type of challenge.

Ethereum and its big future awaits!