While giving his keynote address at the SXSW Conference in Austin last week, Joseph Lubin, co-founder of Ethereum (ETH) stated that the full ramification of the blockchain system would lead to an expansion of the global economy. Adding a time frame to this, Lubin predicted that he expects this to happen within the next decade or two.

Clarifying his stand, Lubin noted:

“Currently, the economy is about $80 trillion (in GDP-related value). When blockchain fully ramifies in 10, 20 years, the economy will probably be ten times larger, and blockchain will be a significant- a major- part of that.”

Eliminating Inefficiencies

Lubin, who also founded incubator project platform ConsenSys, also took the time out to speak on some of the advantages that will be brought into the crypto space as a result of Ethereum 2.0, a much-anticipated upgrade to the Ethereum network.

In particular, he clarified that with this “rebrand,” the Ethereum development team will capitalize on the inefficiencies of Bitcoin (BTC), developing a much…

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Source: https://thebitcoinnews.com/joseph-lubin-blockchain-will-have-significant-impact-on-the-economy-in-10-20-years/