Wozniak Believes that Blockchain is a Bubble

By Sumedha Bose

On 26th June 2018, as per a report by CNBC, Apple co-founder, Steve Wozniak said that he believes that Blockchain is just a bubble, similar to the dotcom era. But he added that it might have significant potential in future.

During a conference in New York for NEX Technology, Steve said that during the dot-com era a lot of hype was created by many companies, but they could not deliver on the promises made. He quoted that, “It was a bubble, and I feel that way about Blockchain.”

But he further added that it might “take a while” for Blockchain technology to realise its full potential, and is also fully “decentralized and totally trustworthy”. he added that “It doesn’t change in a day, a lot of the Blockchain ideas that are really good by coming out early they can burn themselves out by not being prepared to be stable in the long run.” Last month also, Wozniak had expressed similar sentiments about Blockchain and cryptocurrency’s future.

CNBC noted that Steve Wozniak picked out Ethereum as one cryptocurrency which due to its versatility in allowing developers to build on its blockchain, might just last in the long run. At a conference in Vienna, in the month of May, he had compared the Ethereum platform to that of Apple’s and noted that Ethereum could be highly influential as Apple.

As per CNBC, Wozniak contemplated on the possibility of using Blockchain as a competitor to Facebook in the social networking area, where Facebook has a monopoly in the sector. He had earlier referred to Bitcoin as “just amazing” and compared it to “pure digital gold.”