Tag: Panacea

Blockchain is not a panacea, but where needed, it’s the savior

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Blockchain technologies and their associated market gained tremendous momentum this past year. The colossal developments and the aggressive funding of ideas across this nascent industry have sparked some serious debate as to the veritable value of blockchain. Before implementing blockchain technology, managers, builders and developers need to ask themselves one question: “why blockchain?” What necessitates a decentralized system? In order to understand how best to use blockchain technology, we must first define the trust assumptions in the system under consideration. Often, blockchain use cases overlook this question of a third…

Blockchain Is Not a Panacea for Finance, Says Russian Bank Official

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The Central Bank of Russia’s (CBR) first deputy governor has said that blockchain technology is not the “universal solution,” many promised it would be five years ago. In an interview with Euromoney on April 2, Olga Skorobogatova took a deep dive into the bank’s initiatives, sandboxes, and experiences with blockchain deployment.  Following three years of experimenting with the Masterchain platform — a local blockchain-based network for transferring valuable financial data like mortgage accounting — Skorobogatova said, “Blockchain is a great fit for things like letters of credit and guarantees because…

Blockchain No Panacea, But Social Security’s Dilemma Seems a Ripe Fit

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Blockchain No Panacea, But Social Security’s Dilemma Seems a Ripe Fit October 12, 2018 by William Peaster An October 10th report explored the challenges inherent to modernizing the Social Security identification system in the United States, its author ultimately recommending a “smart card” system as a fix. Blockchain is no panacea, and its use cases may be limited, but the tech would similarly seem to be in its lane in addressing the obstacles raised in the report.  Also see: In Senate Crypto Hearing, Bitcoin and Blockchain Get Defended, Derided Subscribe to…