“Blockchain has two distinctive features that make it a potent tool against corruption. First, it provides an unprecedented level of security of the information and the integrity of records it manages, guaranteeing their authenticity. It eliminates opportunities for falsification and the risks associated with having a single point of failure in the management of data. It also helps overcome the data silos in traditional bureaucracies in which public entities are reluctant to share information among themselves.”
So I don’t necessarily disagree but blockchain can be problematic at best. For example how would you offset the environmental issues it brings if all financial transactions would be backed by blockchain? How would day to day payments be done? Regular people transfering money between themselves (grandma giving some money to her grandkid “to buy something nice” for example)?
Read about proof of stake. There doesn’t need to be one single blockchain. Many blockchains can run in tandem to handle massive amounts of transactions.
Care to elaborate?
https://www.tandfonline.com/doi/full/10.1080/07421222.2021.1912919
“Blockchain has two distinctive features that make it a potent tool against corruption. First, it provides an unprecedented level of security of the information and the integrity of records it manages, guaranteeing their authenticity. It eliminates opportunities for falsification and the risks associated with having a single point of failure in the management of data. It also helps overcome the data silos in traditional bureaucracies in which public entities are reluctant to share information among themselves.”
So I don’t necessarily disagree but blockchain can be problematic at best. For example how would you offset the environmental issues it brings if all financial transactions would be backed by blockchain? How would day to day payments be done? Regular people transfering money between themselves (grandma giving some money to her grandkid “to buy something nice” for example)?
Read about proof of stake. There doesn’t need to be one single blockchain. Many blockchains can run in tandem to handle massive amounts of transactions.