29 May, 2018
In his opening speech at the WeAreDevelopers World Congress 2018, Apple co-founder Steve Wozniak spoke of blockchain technology with high praise. Not only does he believe blockchain is a “great idea,” he stated that it is “the next major IT revolution that is about to happen.”
Although the applications for blockchain technology are vast—potentially affecting a wide range of industries from shipping and supply chain management to sales and marketing—Wozniak believes that it will be a decade before blockchain and cryptocurrencies reach their full potential. His optimistic outlook, he says, is based on the fact that blockchain and digital currencies can revolutionize so many different fields.
Given that banks and financial institutions—and even governments—are currently exploring the use of blockchain and cryptocurrencies, it seems quite plausible that it’s only a matter of time before the technology becomes ubiquitous worldwide.
In his speech, Wozniak also quoted Jack Dorsey, CEO of Twitter, who said he hopes that bitcoin will become the world’s “single currency.” Since bitcoin, like many cryptocurrencies, has a limited total number of coins (unlike fiat currency that can be printed endlessly), and because it is not related to a central authority, Wozniak has stated that bitcoin is “better than […] the US dollar.”
Speaking at the Money 20/20 event in Las Vegas last October, Wozniak referred to traditional currencies as “kind of phony,” and noted that even gold doesn’t truly have a fixed supply. “Bitcoins to me was a currency that was not manipulated by the governments. It is mathematical, it is pure, it can’t be altered,” he explained.
He also made the comparison between smart contract platforms and the early days of the personal computer. When computers first came out, people were suddenly creating “tens of thousands of programs” using the new technology, with innovations that no one had conceived of before. Wozniak believes that smart contract platforms, like Ethereum—which underpins our own VeriToken—will have the same effect and usher in a new era of innovation and opportunity.
Wozniak’s words have some serious weight. If it turns out that his predictions are correct, then the coming IT revolution in the next decade will be pretty exciting to witness.