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15 July 2018

Blockchain Will Replace Banks in the Future—According to Ethereum Co-Founder.

Just like the industrial revolution, an event that brought so many changes to our modern society.

Blockchain technology consists in an ever growing list of blocks that are linked with the use of cryptography, pieces containing important information about all transactions made within the network, building a decentralized record that can be resistant to data modification. This barely young tool is getting a lot of attention since the explosion of the Bitcoin revolution in 2017, because cryptocurrencies depend completely on this safety measure in order to function.

Invented by the mysterious and still anonymous Satoshi Nakamoto in 2008 just to offer a serious public transaction alternative against traditional institutions like banks, financial groups, and international conglomerates, while at the same time solving the double-spending problem that has inspired others to build, develop and nurture other uses and applications.

Such is the case of Ethereum, one of the most famous cryptocurrencies worldwide, that has its own blockchain platform and many improvements over Bitcoin, such as: a faster and consistent mining rate, more efficient algorithms, and a structural system that relies in computational complexity, bandwidth and storage.

Last week, Ethereum co-founder Anthony Di Iorio spoke with some journalists and said that the blockchain technology will bring numerous benefits to society, one of them could enable any individual to “be your own bank”, ending the need for these financial institutions in our daily life; something that sounds very revolutionary and bizarre at the same time, just like some tech leaders of the 80s described how the internet would unite us even further. Could Di Iorio be wrong about that not-so distant future? That’s a difficult riddle to decipher.

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