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.
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.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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