Im­por­tance of Blockchain in de­cen­tral­i­sa­tion

Sunday Observer - - NEWS -

As means to im­part un­der­stand­ing on how Blockchain op­er­ates, Meirav Harel used an ex­am­ple of car own­er­ship once it has been sold. “Sup­pose I want to sell my car and I want to give it to some­body else and some­body else gives me money. ow do we keep track of who owns the car and who owns the money,” she asked. As re­sponse, she stated that such trans­ac­tions are writ­ten some­where, and this in­for­ma­tion is usu­ally kept by a third party such as a bank.

She said it was in the same man­ner that when some­thing needs to

Hbe kept track of, hu­man­ity some­body in charge.

Ques­tion­ing if this is the best op­tion, she asked as to what could go wrong when such in­for­ma­tion is kept by some­body else.

In re­sponse, she stated that there could be bias in the record keep­ing as well as de­mand for com­mis­sion as it hap­pens with banks. “This is how things have been go­ing on for hun­dreds of years and some­how some­one watch­ing de­cided to find a way of do­ing this without a third party in­volved and this is how blockchain came in.” puts

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