Goldman Sachs Says Crypto Could Power Data Economy

Key Takeaways

  • Goldman Sachs has published a report discussing crypto’s potential as an institutional asset class.
  • Researchers argued that the value of a blockchain depends on the information stored on it, claiming that Ethereum could become the number one chain in the future.
  • The report also discussed the importance of decentralization for the future of the space.

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Goldman Sachs researcher Jeff Currie believes that Ethereum could become the Amazon of Information where individuals can privately store, transfer, and sell their personal data.

Blockchain and the Data Economy

Goldman Sachs researchers are bullish on crypto’s future role in the data economy.

The banking giant recently published a report titled “Crypto: A New Asset Class” discussing the technology’s potential to become an institutional asset class. In it, the Global Head of Commodities Research Jeff Currie discussed the potential for blockchains to change the way information is handled on the Internet. In industries where trust is key, blockchain’s ability to be immutable and public while still protecting privacy gives it a significant edge over frameworks that require trust to function. Finance, law, and medicine are key areas where smart contracts can change the way information is transferred, Currie noted.

The report also said that Ethereum’s native smart contract integration could one day help it surpass Bitcoin as the world’s most valuable blockchain. Currie wrote:

“The most valuable crypto assets will be those that help verify the most critical information in the economy.”

He went onto explain that as more users bring their data to the blockchain, any privacy concerns will disappear as the number of digital profiles grows, giving examples of medical data, personal finances, asset ownership, and intellectual property rights.

The same report saw Galaxy Digital’s Mike Novogratz sharing similar views on Ethereum’s future. He said:

“The three biggest…

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