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Eric Schmidt on the future of the blockchain

11/09/2018
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In San Francisco, at Village Global, renowned economist at Tyler Cowen interviewed a no less famous person, Eric Emerson Schmidt. The billionaire and former head of Google spoke about his vision for the blockchain and the challenges it faces.

An invention with great potential

What is happening in the world of cryptocurrency is still not sufficiently understood by modern society. Eric Schmidt is sure that the blockchain is capable of changing technological chains in financial and other areas. The ability to safely store information with simultaneous access to it by any interested parties allows optimizing production processes.

The blockchain will have a particularly strong impact on the banking sector. Now the transfer of funds passes through a long chain of intermediaries. This not only increases the transaction time, but also increases the risk of errors. New technologies can reduce costs and make communication between counterparties more operational and secure.

The billionaire believes that the Ethereum platform has the greatest potential. Thanks to the use of smart contracts, it has opportunities for development in many directions at once.

Risks of the blockchain from Eric Schmidt

At the same time, it cannot be said that everything is going smoothly. Despite the high potential of the broadcast, now developers must solve the problem of global synchronization. If they can achieve results in this direction, then the platform has a chance to uncover new opportunities. By the way, Vitalik Buterin also believes that this direction is crucial for development.

Schmidt spoke ambiguously about the current value of cryptocurrency. The billionaire believes that society places too high hopes on new technologies. It is unlikely that they will be able to drastically change financial ties. But he agreed that the technological possibilities of the blockchain are far from being disclosed. Now there is a great potential that will soon find new applications for itself.

Since 2014, Eric Schmidt has been deeply interested in cryptocurrency, and has already managed to become a recognized expert in this field. He is a blockchain enthusiast, so he often speaks at thematic exhibitions and conferences.

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