Joseph Lubin, the co-founder of Ethereum, has today lauded the enormous potential of blockchain, describing the technology as “orders of magnitude more disruptive” than the dotcom boom and bust of the 1990s.
As reported by Business Insider, Lubin was very positive about the state of the industry, pointing to the potential for decentralisation away from governments and businesses building siloed systems:
"we can see sectors, industries, supply chains, any sort of value chain starting to build these collaborative systems."
Expanding further upon the comparison between the blockchain industry and the dotcom bubble, Lubin remarked that despite the frantic investment and destruction left in the wake of the the crash of 2000-1, the lessons learned created the internet as we know it:
"There was a tremendous amount of creative destruction in the dotcom era that laid the foundation and taught all of us how to build an effective internet, an effective world wide web, and really transform society. I think that we will see dynamics like that in place in the blockchain space."
Despite Lubin’s positive comparison with the dotcom boom, many critics of the space have used the analogy - as well as other historical examples - to deride the industry as nothing more than a speculative bubble.
Interestingly, in this vein - renowned financial historian Niall Ferguson recently made a more positive historical comparison, explainng that blockchain industry most resembles the 18th century equities market - where for the first time people were able to trade equities in corporations:
“it’s so game-changing that it of course attracted a great flood of money….and then as always happened in a financial bubble along come the charlatans…I think out of this experiment, as in the case of the 18th century equity finance experiment…something will remain.. I think blockchain will become pretty central not just to finance, but possibly to bureaucracy generally in the coming ten years.”