Blockchain can allow us to create an economy without borders – believes the professor of the Massachusetts Institute of Technology (MIT) Silvio Micali. He presented his opinion in an interview given to Bloomberg.
Micali listed the three main features of blockchain technology that must exist simultaneously to allow a more open economy and economy to emerge. These are: security, decentralization and scalability. According to the professor, until recently only two of these three basic properties could be achieved simultaneously.
Asked about scalability, Micali stressed that a decentralized system needs state-of-the-art technology to ensure the same level of participation and security that centralized systems enjoy. He himself realizes that centralized systems are much more vulnerable to hacking attempts than decentralized solutions do.
Taking everything together, the professor expressed optimism about the security guaranteed by the block network. He emphasized the great importance of scattering computing power in the network as an element that is key to blockchain.
Blockchain has a future!
Blockchain is today mentioned as one of the key elements of the new industrial revolution, which, according to many experts, is taking place.
Recently, EU authorities have called on Member States to become more involved in the adoption of new technology. Last year, the European Parliament adopted a resolution, entitled ‘Blockchain: Future Trade Policy’, which sets out how the new technology can improve the EU’s trade policy, including free trade agreements.
MIT Technology Review has recently published an article in which it claims that 2019 will be a breakthrough year and now blockchain will only become widespread around the world.