David Gerard argues that blockchain technology is a solution in search of a problem since it offers protection for things that aren’t threats.
Yahoo Finance found that two journalists discussed blockchain technology at a Westminster select committee.
David Gerard, a technology journalist and author, argued before the House of Commons Science and Technology Committee, which met at Portcullis House near the Houses of Parliament, that the blockchain had no important use cases.
According to his claims, “Blockchain technology offers security for things that do not require protection and are not an issue; a significant amount of creativity began with the technology, and then they searched for challenges to address with it.”
The creator of the media business The Blind Spot, Izabella Kaminska, concurs that the blockchain lacks substantial uses. Despite being immutable, Kaminska noted that the blockchain does not assure data veracity.
She emphasised that the blockchain only stores data that is input into it. According to Kaminska, the only method to confirm the veracity of blockchain data is to have reputable intermediaries examine it.
Kaminska said that the reliability of blockchain data depends on where it came from, so she concluded, “if trash is introduced, trash will exit.”
There is no substitute for personal observation
Although blockchain proponents promote the technology’s application in chain supply systems, Gerard argued that human inspectors who understand the business and can identify possible frauds are unbeatable. If the blockchain requires third parties to authenticate data supplied into the system, he said, the technology cannot be considered a viable replacement for conventional systems.
While Kaminska could not recall a single blockchain success story, she says the technology is effective in communities with low levels of trust. She cited Ukraine as evidence that the crypto business has been able to provide cash more quickly than the conventional financial sector.
According to her, the blockchain may also aid countries with hyperinflationary national currencies. She argues, however, that blockchain technology should not be the industry norm in finance.
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