Joseph Lubin: Blockchain Will Be Majority of the Economy in 10-20 Years

Companies and experts from around the world are beginning to realize the true potential of blockchain technology, and are projecting this nascent industry to experience significant growth in the foreseeable future.

Blockchain is here to stay, there’s no question about it. And many people believe it will infiltrate almost every industry over the next 5-10 years. One individual who shares this belief is Joseph Lubin, the co-founder of Ethereum (ETH) and founder of Consensys, a market-leading blockchain technology company.

During the most recent SXSW Conference in Austin, Texas on March 14, Lubin said that the global economy is currently around $80 trillion. He predicted that it will grow to 10 times larger in the next 10-20 years, with most of it centering around the blockchain industry.

Lubin Compares Blockchain Tech to Email in the ’80s

The idea that blockchain will be involved in almost every aspect of an $800 trillion global economy is almost unfathomable to most people. However, Lubin explains that blockchain’s extent on industries today is similar to that of email in the 1980s. Looking at it this way, it’s easier to understand his point of view.

As put by Lubin during the keynote:

“There aren’t a lot of normal people who are using these systems [blockchain technology] right now, but there weren’t a lot of normal people firing email around in 1983.”

Ethereum 2.0 Will Solve a lot of Inefficiencies

In addition to providing projections of the entire global blockchain industry, Lubin took some time to remind the crowd that a powerful and scalable blockchain solution – Ethereum 2.0 – is on its way, implying that it will play a major role in the world’s global blockchain industry.

Lubin admitted that there are currently a lot of inefficiencies in Bitcoin (BTC) and the current version of Ethereum (ETH) that Ethereum 2.0 will provide solutions for.

He said:

“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.”

See a recap of his speech in the video below:

What impact do you think the exponential growth of the blockchain industry will have on cryptocurrencies like Ethereum? Which cryptocurrency will lead this blockchain revolution? Let us know what you think in the comment section below.