Are Blockchains The Future
Author: Kenneth ([email protected])
Published: Saturday April 3, 2021
There has been a lot of effort from the tech community to develop blockchains so I too went to do a bit more research into blockchains.
Made mainstream by soaring Bitcoin prices, please know that crypto-currencies and blockchains are distinct. Although crypto-currencies are developed on blockchains, not all blockchains are crypto-currencies. There are other use cases.
The question I have today for you guys is “Are Block Chains The Future?”
A decentralized blockchain in my opinion has far greater trust in its record keeping and audit trail. However, it would cost a lot to create such a system. Many participates have to be swayed and enticed to come on board such a project.
As such, not all blockchains are decentralized. The benefits from a centralized blockchain are minimal unless the trusted sources are reputable; making just a distrusted ledger as good as it can be in blockchains.
Instead of infuriating banks and governments with a new digital currency, I wonder whether there are any carrots for developers to develop a centralized blockchain for small applications.
Leave and share your thoughts and comments below. Finding experts on Blockchain to weigh in and educate the community.