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Blockchain’s Potential is Vast and “Adoption is Inevitable”, Says Ava Lab’s Sylvia Sanchez

Last Updated June 3, 2024 10:51 AM
Teuta Franjkovic
Last Updated June 3, 2024 10:51 AM

Key Takeaways

  • Ava Lab’s Sanchez predicted widespread adoption of blockchain due to its ability to transfer value.
  • Zero-knowledge technology could be the next big thing in crypto, focusing on user privacy.

Discussing the future trajectory of blockchain technology over the next five to ten years, Sylvia Sanchez from Ava Labs, the team behind Avalanche, expressed optimism about its vast potential. She believes that the possibilities for applications are limitless because blockchain essentially serves as a medium to represent anything one desires, constrained only by human creativity.

CCN spoke with Sanchez about blockchain’s potential, decentralization, and the next possible crypto booms.

Blockchain’s Next Chapter – Inevitable Adoption Despite Hurdles

Sanchez noted that, historically, as with other technologies, the advancement of blockchain is largely dependent on how creatively people choose to use it. With its inherent features of transparency and decentralization, blockchain technology broadens the playing field, empowering creators by ensuring that what they develop is not only verifiable and traceable but also genuinely owned by them.

Sanchez argues that this shift from merely transferring information, as seen with Web 2.0, to transferring value in Web 3.0 significantly enhances the appeal of blockchain. She predicts that its adoption across various sectors will be inevitable, driven by its ability to return control and value to the creators and users themselves.

She said:

“I think that the adoption is going to be inevitable. It just is going to take us a bit of time to get there, especially with what is happening at the regulatory levels. I think that can also either be a catalyst or a hurdle to how far we get in the next five to ten years. But of course, I think the possibilities are endless.”

Zero-Knowledge Tech Takes Center Stage

Sanchez believes that the next significant development in the crypto sector will be in zero-knowledge technology, particularly emphasizing its importance for privacy.

She pointed out that privacy concerns are widespread and manifest in everyday situations, such as entering a nightclub where only one’s age needs verification, yet more personal information is often required.

She highlighted that personal data, which she considers sacred, has been excessively compromised in the Web 2.0 era. Sanchez sees great potential in solutions that prioritize user privacy, reassuring users that their data is protected and not sold to third parties.

This focus on robust, privacy-preserving technologies, according to Sanchez, represents a major future trend within the cryptocurrency landscape.

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