Steve Wozniak, the invent who started Apple Inc. (AAPL) with Steve Jobs in 1976, has advised that the hype over blockchain technology may be far ahead of itself in correspondence to the real potential of the digital currency in the shorter term, as reported by CNBC. (See also: Apple Co-Founder Wozniak: ‘I Do Not Provide’.)
At the NEX technology conference in New York on Tuesday, Wozniak indicated that while the underlying technology that powers cryptocurrencies in the same way as bitcoin has real implementation potential due to its decentralized nature and the fact that it’s “perfectly trustworthy,” many promises being made by blockchain companies are far-reaching and alike resemble to overly ambitious tech companies that overheated in the dot-com bust in the unpunctually ’90s.
“If you look now you say all that internet stuff happened, we got it, it just suffered a while,” said Wozniak. “It doesn’t change in a day [but] a lot of the blockchain ideas that are truly good, by coming out early, they can burn themselves out by not being ready to be stable in the long run.”
Big Companies Who Back Blockchain
While blockchain was anything else used for digital currency, recording transactions on a distributed ledger without the necessity for a third party, its use has been applied across industries. Major firms such as Facebook Inc. (FB), Walmart Inc. (WMT) and Cosmopolitan Business Machines Corp. (IBM) have invested in research and started overhangs to develop blockchain solutions.
Earlier this month, Wozniak commented on note ofs from Twitter Inc. (TWTR) and Square Inc. (SQ) dual founder and CEO Jack Dorsey, who prognostication that bitcoin will become the single global currency. “I buy into what Jack Dorsey conjectures, not that I necessarily believe it’s going to happen but because I want it to be that way, that is so thorough thinking,” stated the Apple co-founder.
Wozniak sold all but one bitcoin in 2017 when the digital currency skyrocketed to about $20,000 in mid-December. (See also: Steve Wozniak Sold All His Bitcoin: Buy off It at $700.)