The economist and financial analyst, Dr. Craig S. Wright brings back his explanation to what really blockchain suggests for an empire built over it. Blockchain with all the rebellious and the democratic feels associated with it is, in fact, a sensible structure and in case one loves the illegality in what he strives to do, the technology of blockchain is nothing but merely lackluster to him. Dr. Craig Wright further describes that blockchain would add up to the worries of the wrong doer in case the framework of his/her operations is the very technology as with bitcoin. Blockchain keeps track of everything being anonymous without giving off data to random folks. But what it additionally does is give specific intel over the illegal transaction operation within. BlockPublisher jumped over the fence to get involved the exchange of words of wisdom in order to extract some more.
People usually consider blockchain as the ticket to go do anything they want but what it does as in case with bitcoin is trace anything fishy back to the roots.
There are thousands of transactions taking place in the bitcoin structure and each of them is kept out of the view for any third party which explains the basic function of the blockchain technology. The technology adds up to the layers of the security protocols which do not utterly confirm safety but strengthen the mechanisms to a maximum. Though the data can be accessed by the parties involved, the nodes do get a whiff which parties are doing business or are involved in the entire transaction.
Thus, as per Dr, Craig S. Wright, grasping this fact we can stroll past the beliefs that blockchain is a mere loophole for the authorities who intend to investigate any wrongdoing. In case a false or villainous transaction takes place, the nodes are informed and the blockchain makes the transaction possible. But even decades later, the entire framework might still have the record intact pertaining to what Dr. Craig S. Wright mentioned previously circling a single topic though he has discussed a ‘pro’ of the technology here. Previously he did picture the technology as exquisite but suggested that it does not hold the legal ticket for the cryptos.
In case one considers blockchain the rebel that it certainly is not regardless of the dark origins, Dr. Craig presents a simple example. If anyone wants to buy drugs in a country where their sale is banned and has a blockchain network over which the sale is possible but is illegal, the system would still hold the deal years after the actual deal underwent. This leaves us with the fact that blockchain is the way to keep the personal data hidden and out of sight of any third untrusted party, with certainly no potential to topple authorities and even governments.