Joseph Lubin: Introduction of Blockchain Technology Leads to Rapid Growth in the Global Economy

CEO of ConsenSys during his speech at the SXSW conference stated that the massive introduction of blockchain technology will allow the global economy to grow 10 times in just a couple of decades.

He stressed that there aren’t a lot of ordinary people now who are using products based on distributed ledger technology in their everyday life. After that, he compared the blockchain technology with e-mail which was not so widely popular in the 80s of the XX century.  

“There weren’t a lot of ‘normal’ people firing email around in 1983.”

Besides this, in his speech, Joseph Lubin recalled the upcoming Euthereum 2.0 update. He believes that a new version of Vitalik Buterin’s creation won’t have so many of the current flaws. Lubin also said a few words about the first cryptocurrency:

“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’ll have a blockchain system much more powerful and scalable that uses orders of magnitude less energy.”

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