Decentralization is one of the great benefits of blockchain technology. Cryptocurrency technology idealists often point to this property. They’re excited about the idea of having decentralized financial systems that aren’t comes from the big technology companies. But the problem is that those who can apply blockchain in a meaningful way are the executives of big companies. However, the latter do not look the same as others on crypto technology. Discover the gap between the point of view of idealists and that of executives of large technology companies.
Some want to have everything under control, others want freedom!
Great innovations have always been sincerely embraced by leading technology companies. Blockchain technology certainly cannot escape this rule. However, big tech companies are not interested in it because of the decentralization. According to a publication on Twitter from Bloomberg Crypto,”Tech executives are more excited about blockchain’s ability to streamline their business than promises of decentralization“.
Tech companies want to take advantage of all the benefits that blockchain offers while controlling the created systems. Among other things, they need to analyze user data to find a way to make more money. In this context, decentralization is not one of their priorities.
At the same time, individuals are increasingly trying to circumvent systems controlled by large technology companies. They want to be able to access the internet in complete privacy act freely. They are therefore specifically interested in the decentralization that blockchain technology guarantees them.
The various benefits of blockchain technology
Blockchain technology has several advantages besides decentralization. In particular, it makes it possible to speed up and streamline transactions. It reduces the cost of the latter and facilitates cross-border payments.
This technology makes it possible to develop more reliable and safer systems. It can be used to deploy methods that can help streamline business operations. In addition, it guarantees the traceability of operations.
Blockchain technology protects network users’ data. It can be useful for government agencies to centralize and secure data about individuals and organizations.
On the one hand, there are the consumers and idealists of blockchain technology who are interested in it because of the promises of decentralization. On the other hand, there are technology companies, important early adopters of this technology, who mainly want to use it to reduce costs and increase revenues.
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Far from dampening my enthusiasm, a failed investment in a cryptocurrency in 2017 only added to my enthusiasm. I therefore decided to study and understand the blockchain and its many applications and to pass on information about this ecosystem with my pen.