Joseph Lubin, co-Founder of cryptocurrency platform Ethereum claims that the internet has multiple issues -- which can be solved by blockchain (technology used to manage digital currency exchanges) Lubin recently spoke at SXSW (South by Southwest) to elaborate on the matter.
"On the web right now, I would argue that identity is broken," Lubin states. "We spray aspects of our identity around the web, it's stored on corporate servers and is monetized by corporations, and often aspects of your identity aren't well secured by those organizations."
According to finance website The Street, Lubin thinks that blockchain technology/databases can play a major role in pushing the digital world forward. Lubin is a fan of decentralized cryptocurrency, similar to Bitcoin which is known as the first blockchain-based cryptocurrency. Essentially, a peer to peer payment system that allows users to transfer value with no central authority or third party involved. He considers Bitcoin as an "experiment" that paves the way for consumers to exchange directly with each other.
Thus he believes large companies such as Facebook and Google are vulnerable to hackers and enterprises. With his company Ethereum, the Canadian entrepreneur doesn't aim to be just another cryptocurrency. Rather "cryptofuel" for other projects. Lubin also the founder of a blockchain software company called ConsenSys.