Respected geopolitical analyst George Friedman thinks blockchain, the innovation underlying bitcoin, will one day become”outdated.””I’ve never known any encryption technology not to be broken,”Friedman told CNBC on Thursday from the sidelines of the UBS CIO Global Online Forum in New York City. “I doubt in between Russia, China, U.S. intelligence services” that blockchain can’t be decrypted.
“It’s helpful. It’s noticeable,” he stated. “at some point it’ll be obsolete.”
Friedman is creator of online publication Geopolitical Futures and the author of “The Next 100 Years: A Forecast for the 21st Century.” His views on the world frequently run contrary to traditional thought. He expects the U.S. will stay a dominant power, while China will struggle and is not as strong of a global player as others think.Bitcoin, the cryptocurrency that skyrocketed well over 1,000 percent last year, is the very first application of blockchain. The technology eliminates the requirement for a third-party intermediary such as a bank by quickly and safely tape-recording deals between two celebrations by utilizing encryption technology.Since the development of bitcoin, hundreds of other cryptocurrencies and
blockchain jobs have emerged. Proponents state blockchain can one day alter the world as much as the internet did.Some analysts have noted that if when an emerging technology called quantum computing develops, it could
easily decrypt blockchain. However, they emphasize such a situation is still years away and blockchain technology itself may also have developed by that point.Friedman stated blockchain is”one of those buzzs. Individuals [are] benefiting from it, making amazing claims about it.
“Investors have actually poured more than$9 billion into brand-new cryptocurrency tasks called initial coin offerings this year, inning accordance with financial research study firm Autonomous Next.– CNBC’s Miguel Pineda contributed to this report.The post Geopolitical expert George Friedman says blockchain will end up being’ outdated’appeared initially on WideBitcoin.