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Geopolitical Analyst Expects Blockchain To Become Obsolete

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George Friedman, a geopolitical analyst, said Blockchain is useful, visible, but at some point will be obsolete.

Speaking to CNBC at the UBS CIO Global Forum in New York, the strategist on international affairs explained his views on blockchain, the technology behind bitcoin and other cryptocurrencies.

"I've never known any encryption technology not to be broken. I doubt between Russia, China, U.S. intelligence services that blockchain can't be decrypted," Friedman, the founder of online publication Geopolitical Futures, said.

Blockchain is one of those hypes. People are profiting from it, making extraordinary claims about it, he added.

Bitcoin was the first application of blockchain technology, which is a decentralized and encrypted ledger that offers a secure, efficient, verifiable and permanent way of storing records.

Blockchain is being accepted fast by main stream industries and thousands of related projects have emerged. The supports expect the technology to change the world one day just as internet.

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