Jun 18, 2018 12:50 UTC
Oct 1, 2018 at 08:19 UTC
Geopolitical Forecaster says Blockchain Technology to be ‘Obsolete’
According to the renowned Geopolitical forecaster, George Friedman, Blockchain is not going to be around forever and it’s only a matter of time before we see the end of it.
George Friedman, who is also the Chairman of Geopolitical futures, put forth his views on the underlying technology of the Bitcoin while speaking to CNBC in New York, at the UBS CIO Global Forum. He explained that “I’ve never known any encryption technology not to be broken. I doubt between Russia, China and U.S. intelligence services (that blockchain can’t be decrypted.”
He further added that “It’s useful. It’s visible, (but) at some point it’ll be obsolete”. It is a known fact that George Friedman’s opinions usually go against the established school of thought. CNBC further noted that George Friedman also holds that the USA will maintain its stronghold on the world scale, whereas China will struggle to hold on to the Geopolitical power.
Many proponents of Blockchain technology say that it has the power to change the world on the same scale as internet and steam engines did. But, the fact of the matter is that there have been thousands of Blockchain projects and more keep on coming up every day, but they have mostly struggled to deliver on to the promise of this technology.
As per a report by Bitcoinist last week, more than $ 20million ether has already been stolen from Ethereum, which is incidentally the second largest cryptocurrency as per market capitalization, through mining rigs and third-party applications.
Verge (XVG) and Bitcoin Gold (BTG) have been two of the latest victims of hacking. Almost 51% of attacks have been pulled off quickly but the fact of the matter is that the cost of such attempts is still only a fraction of the value of the cryptocurrency market.
Analysts who endorse Friedman’s views also warn regarding the looming threat posed by quantum computing, which would be able to decrypt blockchain’s instantly. But the biggest blockchains in the industry also have time to prepare for such a development.
Albeit on a smaller scale, but, inexperienced users accounts are being drained off daily through phishing attempts, simple hacks, and failure to safely store the private keys defeating the original promise of the technology to be “Individuals own bank.”