The ethereum network could pose a real challenge to large financial institutions like Visa as soon as next year, according to Vitalik Buterin, the creator of the ethereum blockchain.
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The creator of Ethereum thinks blockchain tech could steal business from Visa in a 'couple of years'
He's not so optimistic about Ethereum's ability to takeover cloud computing services like AWS.
In a Q&A with
Blockchain technologies like Ethereum are widely believed to be the next big disrupter for industries ranging from law to shipping.
Often described as smart contracts, the technology uses a decentralized computer network to send messages which create a universally accessible ledger that can't be edited or modified. Theoretically, with blockchain technology, business and legal transactions can be executed with a lower risk of fraud.
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While Buterin was optimistic about the role Ethereum could place in replacing Visa, he was less certain about its impact on cloud computing giants like Amazon Web Services (AWS). AWS sells space on Amazon servers to third party websites like Netflix, which hosted vast amounts of data on AWS servers.
To disrupt the cloud industry, applications running on the Ethereum network would have to convince private companies that its decentralized structure is secure enough to host proprietary or otherwise sensitive content. Buterin doesn't see that happening anytime soon.
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