Blockchain To Create Economy Without Borders — MIT Professor
Silvio Micali, a scientist at the Massachusetts Institute of Technology (MIT), answered questions of the Daybreak Asia reporter on Bloomberg radio and stated that blockchain technology would help build a global, unlimited economy, Cointelegraph reports.
Micali, Professor of Engineering, identified several basic advantages of distributed ledger technology (DLT), which should be available at the same time in order to create an unlimited economy. First of all, he named security, decentralization, and scalability, and more recently only two of these defining concepts existed, scientist added.
As for scalability of blockchain, Micali stated that decentralized systems need the best modern technological solutions in order to create the level of reliability already existing in systems with centralization.
When asked about the security of DLT, the professor answered that centralized systems are in many ways more vulnerable to hacker attacks and named similar cases in various centralized organizations.
Only a really decentralized system, where management is divided in such a way that it is not possible to simultaneously attack everyone, can provide the necessary security that everyone deserves, Silvio Micali stated.
Earlier, MIT Technology Review, on the basis of a summary of the history of blockchain, published material stating that technology will be universally recognized in 2019.