Eric Schmidt, the former CEO of Google and Executive Chairman at Alphabet, one of the most influential technology executives in the world, recently spoke at a live event hosted by Village Global, an early-stage venture capital. At the event, Schmidt gave his insights on blockchain and expressed his views on whether it was overrated or underrated and said:
“In the public format it [Blockchain] is overrated but in its technical use it is underrated.”
Blockchain, as a concept, is highly overrated in the public format because some speculators relate it to the boom of Bitcoin in 2017, which gave blockchain the spotlight. Blockchain is underrated because it has a lot of use-cases that are not being implemented yet.
The former CEO said that blockchain is a great platform for Bitcoin and other currencies as it’s being used for private banking transactions where people don’t trust each other. He explained that the use-cases for Blockchain that we are developing are the tip of the iceberg. He said:
“The most obvious example being the capability of Ethereum. And if Ethereum can manage to figure out a way to do global synchronization of that activity, that’s a pretty powerful platform. That’s a really new invention.”
Ethereum, also known for its smart contracts and wide adoption, recently lost its second spot and slumped to the third rank as XRP overtook it during its recent rally on November 6. Although XRP enjoyed its position briefly, Ethereum regained its position a few minutes later.
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