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Blockchain

Blockchain Needs to Be Free of Bias, Greed or Corruption, Says Eric Thies

Blockchain is the technology that everyone looks up to because it has provided people with solutions that are decentralized, secure, fast and transparent. These factors have garnered a lot of attention from the general public and people are now thinking of building applications and migrating their systems to blockchain. Healthcare systems, e-commerce, cloud storage, gaming, more or less every domain is being mapped on blockchain while it still is in its phase of infancy. The only problem that blockchain is facing is the problem of adoption. People are generally tuned to be inclined towards centralized systems, and accepting a technology that requires every thing to be transferred over to decentralized would require a lot of sweat and time.

A few days ago, team BlockPublisher got in touch with the CEO of Blockstack. On the adoption of blockchain, he shared his views saying that decentralized applications for generally everything should be developed on top of blockchain for better adoption and bringing in people to use the technology. General purpose applications like CryptoKitties are also contributing to the blockchain adoption. Muneeb stated sharing his views about blockchain adoption,

General-purpose decentralized apps may end up being the “killer use case” of blockchains.

Eric Thies, the managing partner at UTR equities also pooled in with his idea of blockchain adoption. According to him, the adoption was linked to the blockchain being totally decentralized with no intervention of any third party, eliminating corruption, bias or greed. Putting these facts aside, there are many real life use case for blockchain as mentioned above which can be implemented for a wider adoption. Another important fact that he raised sharing his views was that not every blockchain has to be associated with a currency, it is the utility that matters. He stated talking to BlockPublisher in an email interview,

I think blockchain has a real use-case in many areas. Supply chain management, Government, and financials are just a few examples of many more. It will take time & not all blockchains need to be associated with a currency. The real value is in the POW and the ability to have a self governing system of checks and balances that is free of bias, greed, or corruption (in theory). I don’t let this bias guide me however and believe an equal approach to seeing its potential is required.  For example, blockchain looks great on paper….but so does communism.

Blockchain might be the technology that everyone has looked forward to in terms of security, transparency and speed but it still requires advancements and improvements. Applications still need to be built on blockchain, while crypto volatility needs to be stablilized. But the whole process, as Eric stated would take time.

 

Shehryar Hasan

Performing artist, guitarist and sub-editor at BlockPublisher. Shehryar is an electrical engineer and blockchain enthusiast. He holds investments in bitcoin, ethereum, OST, TRX and Ripple. Email: shehryar@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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