Shervin Pishevar would probably say that blockchain is a conservative, efficient, trustworthy, and adaptable technology by design. This statement might surprise some people. Let’s undue common misconceptions and look at blockchain objectively. If that initial statement is true, then Shervin Pishevar’s expectations are correct about blockchain being sustainable.
Conservative and Efficient
These are not two concepts that often play well together. Especially considering the many types of blockchains (PoW, PoS, PoA, etc.). Blockchain’s ability to cut the “fat” of modern economics delivers a conservative, efficient solution for digital transactions. Shervin Pishevar believes these two factors are among the most pressing for the tech sector. His call to attention of inefficient monopolies and promotion of small business innovation illustrates these points. Simply, when people can provide for themselves, rather than relying upon a centralized institution, the economy is more resourceful and hence, conservative.
Trust is a word that cryptocurrencies advocates depreciated. The main reason for negatively associating the word ‘trust’ is because of the way the banking industry uses it. In banking, trust is essentially linked to third party roles for completing transactions and/or payment settlements. For blockchain, the two parties involved in a transaction will trust the underlying technology and algorithms.
From the very beginning, blockchain has been considered an adaptable technology. Andreas M. Antonopoulos went as far as to describe the development of blockchain as one of constant attack. It’s adaptability is necessary for survival.
Blockchain as a Stable Solution for Digital Finance
Establishing that blockchains are fundamentally more conservative than current solutions illuminates a lot about digital ledger technology. Its proven, though young, efficient functionality further strengthens the case for a blockchain-based, future Internet. Trusting the underlying algorithms can become a sigh of relief for everyone that does not profit from the credit-based payment settlement system which is currently in place. As an adaptable framework, blockchain can support rapidly innovating technology. Each of these aspects play a crucial role in making blockchain the promising and sustainable venture highlighted by Shervin Pishevar.