Eric Schmidt, former CEO of Google recently in talks with Tyler Cowen shed some light on what he believes for the future of Cryptocurrency. At some point of time during the conversation, Schmidt was asked his views on Cryptocurrency and Blockchain, whether he thinks that is overrated or underrated. Schmidt replied that, in the public domain, where there are only few who understands the technology, it is overrated. While he also emphasised that Blockchain as the technology itself is underrated and holds great potential for the future.
An excerpt from the interview:
“In the public format, overrated. In its technical use, underrated. Today, blockchain is a great platform for Bitcoin and other currencies. And it’s a great platform for private banking transactions where people don’t trust each other.”
He also talked about the ongoing news in the crypto world and Ethereum blockchain. Schmidt pointed out, how important it is to keep an eye on the continuing implementation and disruptions due to Ethereum. He is of the view that, if Ethereum developers find a way to implement the Blockchain Technology on the higher levels, then it could prove to be a real beneficiary for us.
He said, “I think the most interesting stuff that’s going on is the beginning of execution on top of blockchain — the most obvious example being the capability of Ethereum,” he said. “And if Ethereum can manage to figure out a way to do global synchronization of that activity, that’s a pretty powerful platform. That’s a really new invention.”
Schmidt himself is a great admirer of BlockChain technology and in 2014. He said the technological advancements in the blockchain form of system is unparallel to anyone else in the market. Thus, it holds an upper hand at least from a technical point of view. Although, it has a long way to go and prove itself before becoming a mainstream form of usage.