Blockchain technology is revolutionizing the tech scene all over the globe. Decentralized frameworks are being built based on this technology at a rapid pace. The enthusiasts of this technology strongly believe that the future is decentralized. But is it the case? And in case it is, do we need to define the extent to which it should be adopted? It’s time we accept the fact that not everything is better off decentralized.
Blockchain has given rise to a clique that believes that decentralization is the answer to everything. Third parties should not be allowed to enter in a framework. But, decentralization has its pros and cons.
Decentralization essentially puts users in control. Now what it does, it creates a fabric of freedom for an individual user. But if there are a lot of people in a network that are like-minded, it is possible that factions may be formed in a decentralized network. Although the third-party charges fee in a network, it ensures the smooth operations of flow. It oversees the activity of the users in a network and those users which enter the network with the intent of hurting it are spotted and punished by the third-party.
In a decentralized network, users do not face the constraints put forward by a third-party. Malicious users can roam freely in a decentralized network with no authority capable of flagging it.
Besides, the technology of blockchain underlying decentralization has its limits. At the moment, it is very costly to run a blockchain network and a lot of data has to be maintained by the nodes maintaining the network. A lot of overheads are associated. It has its specific issues in the form of scalability etc. So, not every framework needs to be put on a blockchain, let’s just keep this in mind.
Blockchain can surely prove to game-changing in areas where transparency is of utmost importance. It puts the operations occurring on a network out in the open so that everyone can see what is happening. Matters related to finance can be made very secure using this tech, but despite all the revolutionary aspects that it provides, not everything needs to be decentralized. We just need to find the use-cases where it can prove to beneficial, not a burden.