Importance of Blockchain in decentralisation
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