Beyond the hype of blockchain, a look at its reality Subhashis Banerjee , Subodh Sharma |
February 19, 2022 https://indianexpress.com/article/opinion/columns/cryptocurrency-beyond-hype-blockchain-look-at-reality-7780487/
Subhashis Banerjee, Subodh Sharma write: It is an elegant concept whose properties and potential require careful research, but treating it as a solution for all problems without thinking things through is techno-determinism.
Block Chain is a sequential append (add) only public board of transactions after the addition passes a pre-decided consensus protocol. A permissioned or private blockchain has a pre-determined set of peers verifying that transactions
The privacy is brought in using cryptography like encryption, key management, zero-knowledge proofs etc. on those parts of the record which are not essential to maintaining the currency aspects of the record. These systems are not limited to blockchain.
Cryptocurrencies do make valid use case for blockchain, though the political centralisation of the participant involved is questionable.