Joseph Lubin: Blockchain Will Dominate the Global Economy in 10-20 Years

Joseph Lubin, the co-founder of Ethereum and founder of ConsenSys, said that when blockchain completely diversifies in 10 to 20 years, then he anticipates the global economy to be 10 times larger than it is today, and blockchain will be involved in most of it.

Amid last week’s SXSW conference in Austin, Lubin said that Blockchain Technology is nascent, and the software developments are scarcely exploring the full potential that blockchain has to benefit society.

Lubin said –

“There aren’t a lot of ‘normal people’ using these systems right now. But then there weren’t a lot of ‘normal people’ firing around emails in 1983. As we and others build tokenization into our company, and we are experimenting with something called ‘mesh coin’ and offer tools to enable others, small startup or similarly minded entities, we think it’s going to catch on.”

Lubin also talked about the promises of Ethereum 2.0, saying that the upgrade will allow them to place Ethereum at a completely new level in the form of usability, scalability, and efficiency.

Lubin said –

“In Bitcoin and currently in Ethereum, you need to have specialized hardware, burn lots of electricity, waste lots of computation, to basically keep everybody in sync. [With Ethereum 2.0, in 18 months], we will have a blockchain system much more powerful and scalable that uses orders of magnitude less energy.”

In a March 12 video, the Ethereum co-founder also claimed that ethereum could revolutionize the music industry. In Lubin’s words,

“I think artists in the music industry on average capture about 11 or 12% of the value in the industry and those big record companies are sucking up 70% or so. We can replace those record companies with smart contracts on the Ethereum platform.”