A high-ranking executive at South Korean tech giant Samsung, Ricardo J. Méndez, has relayed that decentralization is a more significant phenomenon than blockchain.
Méndez made the remarks in an interview with computing magazine JAX.
Talking about the future of blockchain, Méndez, who is the Technical Director at the firm’s innovative technology arm Samsung NEXT, projected a merging of the space in the years to come, but also spoke of the meaning of molding centralized structures.
Asked whether he believes decentralization was more crucial than blockchain, Mendez answered:
“Without question. Blockchain is just one more tool, and one that can help in decentralized contexts, but a tool is always less important than the goal.”
This places Samsung in a smaller group of tech firms advocating the more ideological elements of blockchain.
Majority of big players continue to hold the view of blockchain as a means of smoothening operations such as supply chains, costs and paperwork, but ever so slightly discuss the benefits of a decentralized system similar to that of the Bitcoin (BTC) network.
On the subject of cryptocurrency, however, Méndez stressed the other side of many assets’ means of doing business.
“You need only look at most cryptocurrencies, which are completely decentralized but also 100% public – their pseudonymity only needs to be broken once,” he remarked.
“Peer-to-peer approaches require you to broadcast your activity to peers, so they need an extra privacy layer (like a VPN or mix network). This is why, as an industry, we need to get better at explaining to users the trade-offs of different approaches.”
Samsung keeps a vested interest in blockchain and cryptocurrency-based experimentation, last month declaring it was looking to obtain a U.K. patent for a cryptocurrency wallet.
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