Blockchain technology has marked the beginning of a revolution the moment it came in existence. The industry experts believe that it can change the entire face of remittance and financial operations. Renowned Massachusetts Institute of Technology (MIT) professor Silvio Micali supported this claim at a recent gathering and even stated that this technology is capable of creating the foundation for the borderless economy.
In an interview, the professor chalked-out the most important and unique features of this technology which will help in forming the path of such a seamless economy. The three most important properties of the blockchain-enabled system are decentralization, security and scalability. However, in the current scenario, it is only possible to achieve two properties simultaneously at any time.
Scalability and its limited usage have been a concern for the entire blockchain technology industry. There have been continuous attempts made by several firms and individual developers to improve this particular aspect but the desired result has not been achieved yet. A decentralized system needs advanced technology along with the same level of participation which has been there for the centralized systems, as mentioned by Bloomberg. But there is high–risk associated with centralized systems concerning security and privacy breaches which have been happening quite often.
A real decentralized system will be the one which cannot be hacked or becomes practically impossible for any sort of attack. This is the actual required level of security the borderless economy needs and deserves.
Blockchain Usage In Public And Private Sector
Both the government and private firms can include blockchain technology to make their job more efficient and reliable. Reconciling transactions on a global level can be done almost instantly with the help of this amazing technology. According to Crypto Tech News, the immutability of blockchain technology helps the organizations to maintain identity records and property titles untampered. It seems that the idea of borderless economy is indeed real and achievable in the coming years.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]