Ripple CTO says it is not the time for blockchain mass adoption |
In a recent debate held by Money 20/20, the CTO of Ripple, David Schwartz spoke about the blockchain systems in general, diving deeper to share insights on the possibility of its mass adoption, reliability and relevance. Here, Schwartz talked about how the new systems in the traditional world have replaced the older ones. He also explained that the upcoming technologies will be much cheaper and faster than the ones that already exist.
Regarding his stance on pushing mass adoption for the blockchain technology, Schwartz addressed that neither he nor Ripple expects or advocates for it to happen just yet. He also stated that it is really early in the game to be promoting blockchain as a tool for consumer adoption amidst the regulatory uncertainty.
He then opined that the governments are competing for blockchain businesses, mostly as innovation centers. Furthermore, he stated that the governments would aspire to stay in the field if these technologies start to take over in the payment-system arena. He subsequently cited:
“You could imagine if the United States shut off the Internet in the early days because it was being used to radicalize terrorists or something. We would face a take-it-or-leave-it choice. The Internet – we’d have to take it.”
During the debate, the opponent made a statement implying that the current systems will not get washed away at once. Here, the CTO agreed with the point and cited the example of postal mails and emails. He conveyed that postal mails are still in use but have gone down to being utilized less frequently than electronic mail. He then cited personalized wedding invitations as another example of a mode of communication that has fallen obsolete by the arrival of newer methods. He added:
“I think these new systems are going to replace the old systems whether or not they’re blockchain. I think they’re just going to be faster, they’re going to be cheaper. The new is gonna do replace the old. It’s just the way it is.”
However, one clear defeat accepted by the techie was in the area of scalability issues faced by blockchains. Here, he stated that the industry is looking at multiple good ideas and there are possibilities to innovate a reliable solution.
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