MIT Professor Hails Blockchain Technology as a Catalyst to Creating a Borderless Economy

2019-1-22 05:18

Blockchain technology could help create a borderless economy. This is what MIT professor Silvio Micali said during a conversation with Bloomberg’s Daybreak Asia on January 21. At the same time, during the interview, he discussed the latest developments in blockchain technology.

Micali explained that blockchain systems have three properties that could eventually enable a more inclusive borderless economy. These features are security, decentralization, and scalability. However, just two of the three basic properties were achieved at the same time.

About scalability, he mentioned that it is necessary for decentralized systems to have the same performance as centralized platforms. In general, decentralized platforms lack the speed and usability as other centralized networks. This is one of the reasons why decentralization has not been so effective to gather users and increase the number of participants.

Furthermore, he mentioned that in terms of security, centralized systems are much more vulnerable than decentralize counterparts. We have seen several times how centralized platforms such as exchanges have been attacked by hackers and other malicious participants.

The professor has also talked about the future of blockchain technology in terms of security. About it, he said that a network could be impossible to be attacked.

Silvio Micali explained on the matter:

“Only a true decentralized system, where the power is really so spread that is going to be essentially practically impossible to attack them all and when you don’t need to trust this or that particular node, is going to bring actually the security we really need and deserve.”

There are different universities all over the world that are already working with blockchain and offering courses related to cryptocurrencies and distributed ledger technology (DLT). According to the MIT Technology Review, 2019 could become the year in which blockchain technology becomes normalized.

Although digital currencies have been in a bear market during the last whole year, the future seems bright for several professionals and analysts.

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