Samsung NEXT Senior Executive: “Blockchain Is Just A Tool”

While talking in an interview with a computing magazine, the senior executive at the tech giant from South Korea-Samsung said that decentralization is much more important than blockchain. In today’s blockchain news we are reading more about his opinions on the blockchain.

When he was asked what he thinks of the future of blockchain, Ricardo J. Mendez who is now a technical director at Samsung NEXT which is the innovative technology branch of Samsung, he said that he believes that the market will consolidate in the upcoming year but couldn’t stress enough how decentralization is important and also how to reshape the centralized structures.

On the importance of blockchain he explained:

 “Without question. Blockchain is just one more tool, and one that can help in decentralized contexts, but a tool is always less important than the goal.”

The majority of the bigger companies are looking at the blockchain technology as a method for solving the key problems in any industry such as costs, paperwork, transparency and much more. However, Mendez says that decentralized systems are rarely mentioned and their benefits are often overlooked.
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This is why Samsung wants to focus on other aspects of the blockchain phenomenon. Mendez also highlighted:

 “You need only look at most cryptocurrencies, which are completely decentralized but also 100% public – their pseudonymity only needs to be broken once. Peer-to-peer approaches require you to broadcast your activity to peers, so they need an extra privacy layer (like a VPN or mix network). This is why, as an industry, we need to get better at explaining to users the trade-offs of different approaches.”

The tech giant is investing in blockchain technology and has a lot of interest in crypto-based experiments. Last year the company even revealed that they are looking for a UK patent for a crypto wallet.