Resolved: Is it unstoppable?
The legitimacy of a system lies in its capacity to withstand time otherwise it's a waste of time. The first thing to check is if it can challenge the banking system in such a way it becomes inevitable?
Blockchain boasts itself as a transparent transaction system. As far as the legitimacy is concerned, it solves the "Problem of Trust" by stripping off the centralized data management, securing the data cryptographically and with the added benefit of consensus concept, one can be sure that any transaction performed is legit.
Having said that, the major challenges of Blockchain are:
- Energy consumption
- Transaction speed/performance
- Data quality
- GDPR
Aming to deal with these say for example, Energy consumption, The proof of work concept could be replaced by a ecofriendly consensus algorithm buy a less robust one can have negative effects and affect the legitimacy of the transaction.
Also, say for example, According to the GDPR, it must be possible to change or delete personal data to fulfill legal requirements, this essentially takes away the immutability feature out which again will have adverse effects.
This is what I think.
Thanks.
It's going at least in the right direction, which is to stop the dependency on central banking, now certainly better solutions can emerge.
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