On a recent podcast, Andreas Antonopoulos spoke about how crypto-adoption will reshape the existing society through automation and trust on decentralization. He envisioned a future in which decentralization, not blockchain or Bitcoin, would become a trend of paramount importance. This would enable tracking and transfer of ownership of any kind of digital asset, including property and personal belongings.
Antonopoulos shared his belief that Bitcoin held the same disruptive capabilities as e-mail. He said,
“(Just like email technology), you will see many other applications emerge from the other properties of the decentralized trust mechanism system.”
While supporting blockchain, he also cautioned users about its permanent nature prior to deployment. In the end, it is much harder to corrupt, co-opt, and censor as the blockchain ensured adherence to its designed model, he said. Further, several traditional business models could utilize smart contracts for eliminating the need for central databases for making business decisions.
Despite the potential, Antonopoulos stated that the crypto-ecosystem would require a minimum of 10 years and a fraction of the cost to match the maturity level of the century-old system.
Hinting that it was “just a matter of time”, he highlighted the initial mistrust among the public, with regards to online payment and e-commerce. He further complained about not finding enough time to stay updated with the rate of innovation in the space. Dismissing the allegation of crypto as a medium for scams and frauds, Antonopoulos said,
“We’re seeing the actual application of these technologies in experimental settings that involve real world and effect real actors with real money at stake. We now have 10 to $12 billion experiments running with Bitcoin for seven years. This showcases an amazing view into a completely unfettered free market with all of the participants having a say.”
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