Blockchain for Centralized Organizations... Use the Cloud

in bitcoin •  7 years ago  (edited)

Every day I have to read the meme in comments on MarketWatch that bitcoin is destined to fail but blockchain is the real technological innovation. This comment is invariably made by someone who does not understand how the blockchain works, they are simply mimicking what they have heard from government officials. blockchain-1500x600.jpg

The reality is the value of the blockchain exists by incentivizing individuals to run their own nodes because they seek either compensation or transparency. This either creates efficiency for a project through the decimation of energy to run the network or, once again, the knowledge that the blockchain is true and consistent. How does this benefit centralized organizations and if it does, how do they incentivized outside entities to run a node? The reality is they can't.

A centralized organization would find it much more economical to utilize cloud technology to achieve the same result, a consistent output simultaneously around the globe. Wait, I failed to mention the ways in which centralized organizations such as multi-national corporations and governments want unrelenting transparency that can be achieved through the blockchain. There is a reason I didn't waste space on this topic because the answer is self-evident... They do not want transparency.

If I am off-base with this assessment and someone can explain how centralized entities can efficiently utilize the blockchain let me know in the comments below because on MarketWatch I never get a rebuttal. Thanks!

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!