Brian Behlendorf, the Executive Director of Hyperledger stated that he expects blockchain technology will one day diminish the power wielded by the major tech giants of Silicon Valley.
In an interview with Swiss business paper Handelszeitung, Behlendorf said that the incoming wave of new technology will not be shaped by Silicon Valley. He added that too many Silicon Valley firms have “a blind spot when it comes to blockchain.”
The executive stated that:
“Tech giants such as Google, Amazon or Facebook will undoubtedly pick up blockchain and generate business models from it. However, I think that the core of Blockchain — as a decentralized technology — will diminish [their] market power.”
He said he sees a distinct parallel between the current boom and the dot-com rush of the late 90’s, saying that:
“It was the time when Silicon Valley founders could capitalize on any kind of business plan. Even the investment market around Blockchain today is definitely overheating. The good side is that in this way a lot of capital is flowing to develop software.”
Behlendorf says that his firm isn’t looking at the ICO or the cryptocurrency market. He stated they were looking exclusively at the potential of blockchain technology. Behlendorf adds that he thinks blockchain projects in testing supply chains are often not given enough attention.
UK based research firm Juniper recently released a study that suggested the integration of blockchain technology by multinational tech companies was inevitable and only a matter of time. The study revealed that 6 of 10 companies are already considering adoption of blockchain or already in the process of developing their own platforms.
Just a month ago, Facebook formed a Blockchain Exploratory Committee to be chaired by David Marcus of Coinbase. Marcus said his team would “explore how to best leverage blockchain across Facebook, starting from scratch.”