Director Of PBoC: Blockchain Belongs To The Public And Serves the Public Interest

Director Of PBoC: Blockchain Belongs To The Public And Serves the Public Interest

Blockchain News
April 28, 2018 by Bitzamp
1513
Director Of PBoC: Blockchain Belongs To The Public And Serves the Public Interest A prominent Chinese researcher, the director of the Institute of Digital Currency at the People’s Bank of China (PBoC), Yao Qian, has urged the country’s central bank to adopt a state-backed digital currency “as soon as possible.” While praising blockchain’s key features
Bitzamp

Director Of PBoC: Blockchain Belongs To The Public And Serves the Public Interest
A prominent Chinese researcher, the director of the Institute of Digital Currency at the People’s Bank of China (PBoC), Yao Qian, has urged the country’s central bank to adopt a state-backed digital currency “as soon as possible.”

While praising blockchain’s key features of traceability and smart contract functionality, the research director restated his belief that blockchain’s current bottleneck lies in how to achieve greater scalability while maintaining consensus with well-established community governance.
In the opinion piece, Qian writes that since the “public chain cannot be ‘shut down,’ it’s error repair is also extremely tricky”:

“We anticipate in the future there will be a new area between the two polars of centralization and decentralization. Every blockchain system will have a different level of non-centralization in order to meet the demand of different use case scenarios.”

In the future, Qian sees “various blockchain systems having different levels of decentralization to meet the specific needs of different scenarios.”
Solutions to the problems that Qian has identified in the current state of Blockchain technology are a potential addition of the verification methods used by military control systems or chip design, as well as “avoiding human errors as much as possible through mathematical proof.”

Qian concludes stating that “the blockchain belongs to the public and serves the public interest”:

“The blockchain should not be owned by anyone, let alone a small fraction of the super-rich. Therefore, some people are opposed to the governance of the chain.
Overall, the governance mechanism on the chain is still in the process of controversy and exploration. There is not yet a unified opinion and we need further attention and research.”


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