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Apple Co-founder Steve Wozniak says Blockchain Hype Overstates Reality

The American inventor and innovator, Steve Wozniak compared the blockchain technology to the dotcom revolution and believes it to be a bubble just like the latter. At the same time, he also believes that blockchain could prove useful in the future, as reported by CNBC on June 26.

Wozniak shared that the dotcom era had also created a hype around internet companies and businesses, and many of them failed to deliver on their promises. “It was a bubble, and I feel that way about blockchain,” he added during the NEX technology conference, New York.

This take, however, does not mean that Woz doesn’t recognize the potential that blockchain holds. He acknowledges that the technology is “decentralized and totally trustworthy,” but it can “take a while” before we are able to experience these value across businesses. “It doesn’t change in a day, a lot of the blockchain ideas that are really good by coming out early they can burn themselves out by not being prepared to be stable in the long run,” Wozniak shared.

Earlier this year, during a conference in Vienna, Wozniak had expressed how the blockchain based Ethereum platform holds potential to be the next Apple. He also said that he had always been a fan of Bitcoin as well as other cryptocurrencies.

According to Wozniak, Bitcoin could be the world’s “single currency,” given that it’s decentralized, based on mathematics, can’t be altered and “is pure.” He continues to believe that Bitcoin is still “just amazing,” as reported by CNBC.

Over the course of these months, the Apple co-founder’s opinion seems to have transformed from blockchain having the potential to be “the next major IT revolution” to it being a “bubble” similar to the dot-com era. Woz still thinks that the blockchain technology could prove to be a competitor to the social network giant Facebook, which currently operates as a monopoly.

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