Ethereum [ETH]’s Joseph Lubin says older technologies are built on a flimsy foundation

Recently, at the London’s Blockchain event, Joseph Lubin, the Co-Founder of Ethereum, Daniel Larimer, the CTO of BlockOne, and Kevin Hobbs, the CEO of Vanbex appeared as panelists wherein they discussed what the blockchain technology offered and the future of the blockchain industry.

Larimer stated that the biggest excitement for him was to see the blockchain technology being applied to all businesses and not limited to the finance sector. Speaking about the use cases of EOSIO, he stated that the blockchain was applied in different places like the email, social media, and decentralized exchanges.

Larimer went on to say:

“Particularly, the bridge of blockchain from just being a technology to something that is seamlessly integrated… people don’t know they are using the blockchain. I think that’s the real future of the technology.”

According to Daniel, in the present scenario, the blockchain was a fundamental aspect in terms of security. Moreover, he stated that it was a “back-end thing” that businesses were going to adopt. In his opinion, companies like Facebook and Twitter, that don’t upgrade to this technology in the next 10 years will be deemed as negligent.

He also said that the technology was going to change the way people dealt with legal documents, identity, and user consent. Daniel said that EOSIO was trying to incorporate all of the above and ensure that their customers don’t sign up to  something that is false and that it actually provides meaningful  agreements that “enable communities to cooperate in new ways.”

Kevin Hobbs, the CEO of Vandex, also spoke about the future of the technology. He said that Vanbex had been working with over a hundred companies since 2013 to help them grow in the blockchain space. He stated that through this process, the company realized that a single solution was not going to solve all the problems.

Addressing the same, Hobbs stated that the company started creating multiple solutions to drive the adoption of the technology. Exemplifying his statement 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 had 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.”

Joseph Lubin, the Co-Founder of Ethereum also brought in his views on the matter. He stated that they were excited about bringing forth a technology that will enable the world to build better systems for itself.

According to Lubin, the layers of technologies built from thousands of years are sitting on a “flimsy foundation, and a subjective trust.” He said that people are beginning to move away from a world of top-down command and control hierarchical system to automated trust systems. Through this shift, he stated, people will to be able to build rule systems for societies, agreement among parties and nation-states and guarantee its execution on the blockchain.

Explaining further, he said:

“The thesis there is if you’re gonna build these foundational elements, if you’re going to move all of the native foundational elements, like identity, and money, and government certificates and reputation and agreements into natively digital form, decentralization is very important.”

Lubin said that it was a radical decentralization where there must exist tens of thousands of nodes that can inspect data on the platform, inspect programs and verify that the programs have not been altered since it was last used without notification. He concluded by stating that the aforementioned concepts are the foundations on which layers of infrastructure must be built on.

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