Blockchain Will Dominate The Economy In 10-20 Years, Says Ethereum Co-Founder Joseph Lubin

Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, said that when blockchain fully ramifies in 10 to 20 years, he expects the global economy to be 10 times larger, and blockchain will be involved in most of it.

During last week’s SXSW conference in Austin, Lubin said that blockchain technologies are nascent, and software developments are barely discovering the full potential that blockchains have to benefit society.

“There aren’t a lot of ‘normal people’ using these systems right now,” Lubin said. “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 startups or similarly minded entities, we think it’s going to catch on.”

He also talked about the promises of ethereum 2.0, stating that the upgrade will allow them to place ethereum at an entirely different level in terms of scalability, usability, and efficiency.

“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,” Lubin said. “[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.”

In a March 12 video, Lubin also claimed that ethereum can revolutionize the music industry.

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

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