Blockchain, the most disruptive innovation of the decade and promising better and secure technological capabilities in the financial transaction are giving newer avenues to web-based economic transactions. Ethereum Co-Founder Joseph Lubin thinks that future of large corporations will be more decentralized and will be more connected.
In response to a question to the co-founder about risk or chance that blockchain tech like Ethereum’s could overturn any or some of the corporate giants. He said: “Yes, I could absolutely imagine a decentralized Amazon. We’ve seen the pieces. They’re not all connected to one another. They’re not all but out or remotely mature, but I could imagine an open platform of many different actors with different roles.” He added: “The same fate could occur to Facebook.”
Blockchain allows filling the gap in the current system with more secure and cost-efficient web transactions resulting in more transparent economic transactions. This has allowed a major paradigm shift in thought by many companies and web-users. Blockchain will help in to end the culture of middlemen who tend to regulate the market according to his needs or illegitimately. Lubin said: “They’ll get religion and become aware. I don’t think you’ll see intermediaries extracting too much value sticking around for too long.”
In absence of any proper end to end channel of selling goods through any platform, it becomes a place for scammers and illegal trade starts to flourish. In the online marketplace, under the current system, it is controlled in a more centralised approach where all processes are handled. It becomes vulnerable to any cyber attack or hackers stealing the important set of data which can lead severe disruptions in services. In decentralised approach, the hacker has to get into all the system where data are stored and authenticated which is impossible to break through and will set a series of alert to the users.