Blockchain technology is now at the forefront of many innovations in the tech space. The technology has greatly contributed to the growth of many industries. Blockchain makes the processes of many industries easier and streamlined. As a result, more and more firms and industries are now adopting the technology. Many think digital currencies are the only use cases of blockchain technology.
While blockchain is the underlying technology of most digital currencies, it still has several other use cases. Blockchain technology is now contributing to the global economy. Some of the potentials of this technology are yet to be discovered.
Joseph Lubin Believes Blockchain Will Constitute the Majority of the Global Economy
Joseph Lubin, the co-founder of Ethereum (ETH), is a well-known digital currency bull. Lubin is very outspoken in the digital currency space, and he is doing all he can to promote the adoption of Ethereum. Lubin was also at the just concluded SXSW Conference that took place on the 14th of March in Austin. While speaking at the conference, Lubin said that in the next ten to twenty years, he expects the global economy to be ten times larger.
He said blockchain would constitute the majority of the global economy when it is fully ramified. Lubin said that just the way there aren’t many ‘normal’ people using systems based on the blockchain, there were not much ‘normal’ people using email in 1983. He said this while delivering the same keynote.
Lubin Reiterates the Promises of Ethereum Constantinople
The co-founder of Ethereum also revisited the promises of Ethereum Constantinople, also known as Ethereum 2.0. Lubin pointed out to the numerous inefficiencies present in Bitcoin (BTC). He said that the current upgrade of Ethereum – Ethereum Constantinople – will cover up for those inefficiencies.
In a statement, Lubin said:
“In Bitcoin (BTC) and presently in Ethereum (ETH), you need to burn a lot of electricity, have specialized hardware, and waste a lot of computation in order to keep everybody in sync. With Ethereum Constantinople, in 18 months, we will have a blockchain system that is much more scalable and powerful. The blockchain will also use orders of magnitude, resulting in less energy consumption.”
Lubin is highly concerned about the blockchain and digital currency space. He is more interested in how to improve the industry and make it better. Lubin recently pointed out that journalists and content creators can greatly benefit from decentralization and blockchain technology.
Lubin’s recent statements also correspond to what he said in November last year. The crypto bull had an interview with the New York Times in November last year. In the interview, Lubin said that society can evolve from a scarcity to an abundance mindset with blockchain technology.
Lubin is not the only one that believes in blockchain technology. The technology has a lot of supporters and believers out there. More developers are beginning to emerge in this space, signaling a strong interest in the technology.
Ethereum (ETH) Price Today – ETH / USD
At the press time, Ethereum live price is $141 after a decrease of about two percent over the past twenty-four hours. The digital currency currently has a market cap of $14.62 billion with a trading volume of $4.03 billion over the past twenty-four hours.