Blockchain, according to a Massachusetts Institute of Technology professor, has the right ingredients for a borderless economyProfessor Silvio Micali made these claims in an interview to Bloomberg.

Silvio, a professor of engineering, said that blockchain’s three most prominent characteristics were security, scalability and decentralization and that before the advent of blockchain, two out of the three were possible for any system that could be used for borderless economies.

Asked about scalability as the ability to accommodate increasing load — a fundamental requirement in a global economy — he said that decentralized systems only needed as much technology and confidence as any given centralized one.

On the security front, the professor pointed out that centralized systems are more prone to breaches: “Only a true decentralized system, where the power is really so spread that is going to be essentially practically impossible to attack them all and when you don’t need to trust this or that particular node, is going to bring actually the security we really need and deserve.”

MIT, as a major technology university, has a lot of interest in the decentralized technology. It is leading the effort to create a new cryptocurrency, called Unit-e and has teamed up with five other universities for the ultimate Bitcoin replacement. Unit-e will have none of the challenges and issues faced by Bitcoin today, such as scalability and the hunger for power.

The institute has also claimed that 2019 will see ever-increasing strange and mundane applications of blockchain technology. The applications, though, MIT claimed, would be more practical and useful.

 

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