Blockchain Technology attracts the attention worldwide, and it has been posited as a remedy for most of the things. At the same time, the proponent’s opinion is that it will disrupt just as any sector. But there the question arises how much it is true?
Social Organizations like the United Nations and World Bank are reviewing the blockchain technology to include that in their project also. Recently, UN had trialed ethereum blockchain in their World Food Program (WFP) for tracking food supplies to refugees in Syria, for children in Tunisia.
Michael Pisa, a former official at the U.S. Treasury Department, is not that much supporting the acts of Banks that had made recently. In his opinion, they had pursued the Blockchain technology only for some, and they hadn’t portrayed it perfectly- its benefits and the limitations to adopting it. And he says that this made a wide gap between the expectation and the reality. He says that they must be more realistic about the blockchain with explaining the everything more rightly.
His words are, “This imbalance has led to unrealistic expectations about what blockchain solutions can do, how easy they will be to implement, and how quickly they can scale, if at all. The result has been a widening gap between expectations and reality that has naturally led to growing skepticism.”
Pisa’s Review on Blockchain Technology
Pisa again argues that the blockchain technology cannot substitute conventional trust relationships. If anyone thinks that, the blockchain technology can cure all the issues, but at that time also the human trust relationships remain.
His words “When the problems we want to solve involve changes in the real ‘off-chain’ world, the need for human agency, and therefore trust remains. For example, creating a blockchain-based land registry does not remove the need to trust the bureaucrats who upload land titles because, like all databases, blockchain does nothing to improve the reliability of inputs.”
He is encouraging the blockchain community to make their attention to create the technology that challenges all kind of limitations. In his opinion, the technology is not ready to use as the promised benefits are encountered by the coasts and complexities.
In his words, “These closed networks are much more likely to help centralized actors achieve efficiency gains than they are to lead to their displacement.”
He also said about the real barrier of blockchain technology. “The more difficult challenges involve getting multiple actors to agree to a common set of standards and establishing legal and regulatory compliance,” Pisa wrote.
Finally, he recommends that to make research on the development of blockchain technology which is more than that the generic kind.