Creator Ethereum believes that the blockchain will replace Visa in a couple of years
Crypto currency Ethereum can become a real problem for large financial services, such as Visa, as early as next year, Vitalik Buterin, the creator of the Ethereum blockchain, is confident.
It seems, Visa end
Answering questions from visitors to the TechCrunch Disrupt conference, Buterin said that security is still the biggest problem of moving blockchain technology to the mainstream, but once it is solved, nothing can prevent tokens from breaking into serious financial business or even replacing financial institutions , such as, for example, Visa, just "a couple of years".
"Annoying factor"
Despite the hype surrounding the blockchain, most modern applications using this technology are not yet developed enough to be applied really widely, Buterin said. But a couple of years or earlier, block-technology, such as the same Ethereum, will become a giant "annoying factor" for a variety of industries, from jurisprudence before delivery.
Amazon have nothing to fear
At the same time, if Buterin is confident that Ethereum can replace Visa in the future, then he has the opposite opinion about the giants of cloud technologies, such as Amazon Web Services (AWS). To replace the cloud industry, the blockchain must convince private companies that his decentralized structure is safe enough to host confidential content. Buterin does not think that this can happen in the near future.
"Either way, there will always be a wide range of applications where a decentralized approach does not work so well," Buterin said. Full video of the interview with him, see here (you can include Russian subtitles):
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Given ethereums incredibly slow (in comparison) transaction times i doubt it will be able to replace visa. possibly something like ripple with its ability to match visas massive amount of transactions per second.
Despite all modernity and power of Ethereum, it will take much longer than couple of years to replace Visa. Most likely we will witness the equal number of transfers via Visa and via Etherium, but Visa will remain more trusted service for a long time
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