3 Things You Need To Know To Ace Your Blockchain Trivia

Applicability: FITS model – Aptly applicable in areas where:

1. The environment is prone to fraud – Such as in international trade, the transparency of blockchain makes it a highly suitable tool over other options available.
2. There are intermediaries involved – The blockchain helps in dis-intermediating by removing the invaluable middlemen in each transaction. Reduced middlemen mean low cost and greater efficiency in transactions.
3. Throughput – While blockchain provides a high speed of transactions of 10 per second, AmericanExpress or Visa can allow 80,000 at the same time. Various technologies are being developed to increase this speed and accelerate the process. In the status quo, blockchain is more suitable where the throughput required can be stretched to a longer period of time.
4. Stability of data – Blockchain is a good option for more stable data entries. Volatile data is not suitable for blockchain. This makes it a great tool for Land ownership and Asset management.

The Right to be forgotten and dark patterns:

Individuals can enter networks but never erase their existence or activity from them. Should and can individuals allowed privacy surrounding their actions and what will it mean for blockchain is a growing consideration.

Whether blockhains are another dark pattern that will be used to manipulate individuals into consumerism and consumption is debatable. Dark patterns are problems whereby an individual may enter a situation similar to labyrinth but may never leave, such as the impossibility for a user to delete his/her Amazon account their-self.

What about the Dark Chains?

Terrorist organizations have various topological forms. This is to maintain the secrecy and the authority within the network. The blockchain, on the other hand, is a publically accessible network and unless terrorists find the new decentralized system appealing, the blockchains are free from international terrorist factions.

While the Pot coin and the drug trade have begun reaping the advantages of the blockchain network, the Black economy is far behind in its adoption of the blockchain. Let’s see what the future holds for this digital shared economy simulation.