Blockchain Industry Needs 'Bluetooth Moment,' Expert Says

March 28, 2019
Updated 1mo ago

By Chloe Aiello

It seems like every time you turn around, there's a new cryptocurrency.

One of these days, they'll have to converge, and when they do, it will be a watershed moment that will be similar in significance to blockchain as WiFi or Bluetooth were for communication, according to Charles Hoskinson, CEO and founder of cryptocurrency startup IOHK.

"Consumers kind of have gotten used to this idea that when they pull out their phone ー if they are in Korea, Japan, South Africa, or here in America ー that their phone will just connect to the WiFi network. But there's no reason that should be true, that was only due to the hard work of an entire industry," Hoskinson told Cheddar.

Hoskinson's and his company, which helped to build third generation cryptocurrency cardano, envision a future set of standards that will bring the whole industry closer toward interoperability ー a point when communication and information can easily be traded, not just among cryptocurrencies, but also among traditional financial institutions and systems.

"What we are seeing is a collection of standards being created [that] will inevitably converge over the next three to five years to create a situation where you can move information and value between all these different systems ー not just bitcoin to litecoin to ethereum to cardano ー but also your regular bank account," Hoskinson said.

The industry might not be there quite yet, but Hoskinson is confident it will get there soon.

"What we are looking for is the WiFi or Bluetooth moment of our industry. We haven't quite gotten there yet," Hoskinson said.