Ex-Google CEO Ethereum Has Tremendous Potential-Ex-Google chairman and Billionaire, Eric Schmidt is a blockchain and cryptocurrency enthusiast who believes that Ethereum could become a powerful platform whose potential is “off-the-charts.”. These remarks were heard during a live event with economist Tyler Cowen, hosted by Village Global in San Francisco.

Future Of Technology

In the diverse conversation, Schmidt discussed the future of technology, corporate governance reform, Google’s hiring practices, and bifurcation of the internet. When asked whether he thought blockchain was overrated or underrated, Schmidt gave a compound answer. “Blockchain is overrated in the public format, while in its technical use, underrated,” he said. “Today, blockchain is a great platform for bitcoin and other currencies. Similarly, it’s a great platform for private banking transactions where people don’t trust each other.”

Schmidt speculates that exciting developments are occurring with Ethereum that could revolutionize business and society.

Speaking about blockchain technology Schmidt called the it “overrated in the public format and underrated in its technical use.”

Elaborating, he said:

“Currently, blockchain is a great platform for Bitcoin and other currencies, and blockchain a great platform for private banking transactions. Where people don’t trust each other.”

Potential

Schmidt believes that even though many blockchain projects are interesting, Ethereum is the most interesting and that it has the potential to revolutionize businesses and society.

According to Schmidt, “the most interesting stuff that’s going on are the beginning of execution on top of blockchain — the most obvious example being the capability of ethereum,”

Adding:

“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.”

As it happens, Eric Schmidt has been an early believer in bitcoin. In 2014, he praised the then-obscure cryptocurrency, as a unique technological advancement with massive potential.

“Bitcoin is a remarkable cryptographic achievement,” Schmidt said. “The ability to create something which is not duplicable in the digital world has enormous value.”

Business Benefits

He continued: “The bitcoin architecture — literally the ability to have these ledgers which can’t be replicated — is an amazing advancement. Lots of people will build businesses on top of that.”

Ex-Google CEO Ethereum Has Tremendous Potential-Schmidt was first introduced to bitcoin in 2011 by Wikileaks founder Julian Assange. In a five-hour interview Assange posted on Wikileaks, he urged Schmidt to embrace bitcoin because he believed it would be valuable someday.

“You should be an early adopter because your bitcoins are going to be worth a lot of money one day,” Assange told Schmidt.

Schmidt, whose net worth tops $13.4 billion, obviously didn’t need to get into crypto for the money, but he was apparently intrigued by the new technology.

Other Google executives who are also cryptocurrency fans include Google co-founder Sergey Brin and CEO Sundar Pichai. Both tech billionaires have young sons who mine Ethereum, as CCN has reported, and Nvest Weekly shared earlier this week.

 

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