Ashley Lannquist, leader of the Blockchain project for the World Economic Forum, or WEF, explained that Blockchain has its use cases, but that the technology is not free of limitations.
„I think it is unlikely that blockchain technology will become the underlying technology of all systems in the future,“ Lannquist told Cointelegraph.
When asked about the biggest obstacle in adopting Blockchain, she explained:
„Because of the trade-offs associated with Blockchain, including capabilities, as well as limitations and disadvantages, it has not been easy to identify many high-value use cases. This is probably a major obstacle to adoption.
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Blockchain has useful aspects to fight corruption
The WEF recently published a report detailing its experimentation with blockchain technology in the fight against corruption in the public sector. The report noted the decentralisation and immutability of technology, among other strengths against corruption. The WEF is working with others to carry out this project.
Free from centralized control, Blockchain has the potential for transactions, as well as direct handling of data and documentation without intermediaries, Lannquist said. WEF’s effort seeks to improve government transparency by using blockchain, a technology that, by nature, makes corruption more difficult and much more obvious.
„Corruption is a high potential area for Blockchain because you really benefit from decentralization; records are very difficult to eliminate or censor, for example,“ Lannquist said.
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Blockchain’s ability is not unlimited
As many conventional business giants seek to harness the power of Bitcoin Rejoin for use cases such as supply chain management, the technology still has its limitations, Lannquist explained. The WEF project encountered some of those limitations.
„These include challenges related to scalability, anonymity, governance (e.g., it is more difficult to correct errors and change network software in a decentralized network), the presence of new or different security risks and attack vectors (e.g., 51% and double-spending attacks), and slower transaction verification speeds compared to centralized database systems.
At only about 11 years old, Blockchain and the crypto currencies still pass through the waters of childhood. The Internet also suffered from similar growing pains on its way to the impact it has today. Can Blockchain technology see a similar future?