Communications Officer of the not-for-profit platform Ethereum Ken Kappler has said that “It [Ethereum] is basically the only game in town.” According to an International Business Times report, he said that every institution in the city I have spoken to is looking at Ethereum to build their blockchain apps for the next five to ten years.
Ethereum is a platform for decentralized applications which allows developers to build blockchain applications.
Without disclosing names of the banks and financial institutions currently looking at its technology, Kappler said that the new verification networks in banks will ensure the safety and security of the databases.
“The database would only be kept on centralised servers and access would be restricted, users in the banks would probably log in through some sort of basic internet server.
“In general it would look much like what we have today rather than anything like Bitcoin. It wouldn’t be open, it wouldn’t be available to everyone. It would be very easy to audit and it would allow banks a way to deal with each other without having to pay for intermediaries.”
Ethereum has created also a different blockchain to tackle the limitations faced by the Bitcoin blockchain.
He added that it is almost possible to make the Bitcoin blockchain feasible for smart contracts.
“There is a problem with software like this, and there will be a problem with Ethereum in the future, which is that in order to grow you need to have a doctrine for all users to change up the software, to update the software as time goes by.”
In the long run, Kappler hopes to see Ethereum become a fundamental layer of the Internet.
Using Ethereum’s functionality, people could create their own eBay and create a driver-run Uber, where the blockchain provides the system between drivers and users and doesn’t take permission for that service.