Geopolitical expert George Friedman says blockchain will end up being ‘obsolete’.

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Appreciated geopolitical expert George Friedman thinks blockchain, the innovation underlying bitcoin, will one day become “obsolete.”

“I have actually never understood any encryption technology not to be broken,” Friedman told CNBC on Thursday from the sidelines of the UBS CIO Global Forum in New York City. “I question between Russia, China, U.S. intelligence services” that blockchain cannot be decrypted.

“It works. It’s visible,” he stated. However “at some point it’ll be outdated.”

Friedman is founder of online publication Geopolitical Futures and the author of “The Next 100 Years: A Forecast for the 21st Century.” His views on the world typically run contrary to traditional thought. He anticipates the U.S. will stay a dominant power, while China will struggle and is not as strong of a worldwide player as others think.Bitcoin, the cryptocurrency that soared well over 1,000 percent last year, is the first application of blockchain. The technology eliminates the requirement for a third-party intermediary such as a bank by quickly and securely recording deals in between 2 parties by utilizing encryption technology.Since the development of bitcoin, hundreds of other cryptocurrencies and

blockchain projects have actually emerged. Supporters state blockchain can one day alter the world as much as the web did.Some analysts have noted that if and when an emerging innovation called quantum computing grows, it could

quickly decrypt blockchain. They stress such a situation is still years away and blockchain innovation itself may also have developed by that point.Friedman said blockchain is”one of those buzzs. Individuals [are] benefiting from it, making extraordinary claims about it.

“Investors have put more than$9 billion into brand-new cryptocurrency jobs called initial coin offerings this year, inning accordance with monetary research firm Autonomous Next.– CNBC’s Miguel Pineda contributed to this report.2018-06-15 21:03:00 Learn more from source here …