Blockchain lacks meaningful use cases, tech journalists tell UK lawmakers
Yesterday, June 29, two journalists challenged blockchain technology at a special committee in Westminster. Yahoo Finance report.
To the House of Commons Science and Technology Committee at the Portcullis House near the Houses of Parliament, technical journalist and writer David Gerald suggested that blockchain has no significant use cases.
According to him,
“Blockchain technology provides security for things that don’t have to be secure and are problem-free. Many innovations started with technology and sought to find problems that could be solved with it.”
Izabella Kaminska, founder of media company The Blind Spot, also believes that blockchain lacks meaningful applications. Kaminska pointed out that although the blockchain is immutable, it does not guarantee the accuracy of the data.
She explained that the blockchain records only the information supplied to it. According to Kaminska, the only way to verify the accuracy of blockchain data is to let a trusted intermediary pass the data.
According to Kaminska, the quality of the blockchain data is as good as its source,
“When garbage enters, garbage will come out.”
Nothing beats human inspection
Gerard: Bitcoin, Blockchain, Ethereum & Smart Contracts, and Libra Shrugged – who created the 50-foot blockchain attack believe in the premise of an immutable distributed ledger. But he reflects Kaminska’s feelings about blockchain data. According to him, criminals can forge digital and paper information.
Blockchain proponents advertise their use in chain supply systems, but Gerard says nothing beats a human inspector who understands the industry and knows how to find potential scams. rice field. He argued that if the blockchain needed a third party to validate the data supplied to the system, it would invalidate the claim that technology was a viable alternative to traditional systems.
Kaminska said no success story about blockchain was conceivable, but argued that the technology would be useful in an unreliable society. She gave the example of Ukraine and said that the crypto industry was able to fund faster than the traditional financial sector.
According to her, blockchain could also benefit countries affected by the hyperinflation of domestic currencies. But she believes that blockchain should not be a reliable standard for finance.
