Professor of MIT: Blockchain can allow a more inclusive economy without borders

Blockchain can allow the creation of an economy without borders, said Silvio Micali, a professor at the Massachusetts Institute of Technology (MIT), in an interview at Bloomberg’s Daybreak Asia on January 21.

Speaking on the program, Micali described three main properties of blockchain systems that must work simultaneously to allow a more inclusive and border less economy: security, decentralization and scalability. According to the engineering professor Ford of MIT, until recently, only two of those three basic properties could have be enachieved simultaneously at any time.

When asked about scalability in particular, Micali emphasized that a decentralized system really needs superior technology to provide the same level of participation and trust enjoyed by centralized systems.

When asked about the security gaps in blockchain systems, Micali said that centralized systems are much more vulnerable to piracy attempts, signaling the frequency of security and privacy breaches that occur repeatedly between centralized institutions. of different types.

The professor expressed optimism about the blockchain in terms of security, noting the level of security built into the concept of a system without trust:

    “Only a true decentralized system, where power is really so widespread that it will be practically impossible to attack everyone and when it is not necessary to trust this or that particular node, will really bring the security that I really need to deserve.”

Recently, a group of leading universities in the United States, including MIT, Stanford Universityand the University of California at Berkeley, announced the launch of Unit-e, acryptocurrency project considered a “decentralized payment network”, and globally scalable. “

In early January, MIT Technology Review published an article in which it stated that 2019 will become the year in which the blockchain technology finally normalizes.

Reference: cointelegraph.com

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not beattributed to, Infocoin.

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