The blockchain will become obsolete according to political analyst George Friedman | Finance and Markets

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The political analyst George Friedman believes that the blockchain technology, which is at the basic of the cryptocurrency Bitcoin, will one day also become obsolete.

“I never knew of encryption technology that would not be broken”, said George Friedman. In his words, this innovation is very “useful”, but “at some point it will become obsolete”.

Freedman’s views on international themes are often opposed to generally accepted perceptions. One of his predictions is that the US will maintain its position as the world’s leading force, and China will have difficulties because it is not as strong a global player, as people think.

The Bitcoin, the cryptocurrency that increased its value by more than 1000% last year, is one of the first blockchain applications. In its essence, the innovation eliminates the need for an intermediary for making transactions, and also ensuring security in performing such operations using the encryption technology.

However, some analysts say it is a matter of time the technology, which will be able to decrypt the blockchain, to be sophisticated enough. However, it still has to be years before such a scenario is executed, and it is possible that the blockchain technology itself will evolve until then.

George Friedman thinks the blockchain is another phenomenon that causes excitement.

“People earn from it and make extraordinary claims about it”, says the analyst.

Since the beginning of the year, investors have earmarked more than 9 billion USD for primary coin offerings, shows the official data. Howevber, the cryptocurrency market lost large part of its market share.