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EEF specialist: "blockchain will not be applied in all areas of activity»

EEF specialist: “blockchain will not be applied in all areas of activity»

The head of the blockchain development Department of the world economic forum (WEF) believes that the technology has its own limitations, because of which it will not be able to be used in all areas.

Ashley Lannquist stated that the blockchain has many applications, but it is unlikely that this technology will be implemented everywhere. It is very difficult to think through really high-performance scenarios for using blockchain, and this is the main obstacle that prevents the mass implementation of the latest technologies.

Among the advantages of blockchain, Lannquist named the lack of centralized control, direct data management without intermediaries, as well as transparency and immutability of records. She also mentioned a report submitted by the WEF last week, according to which the organization will use the Ethereum blockchain to fight corruption in Colombia.

However, Lundquist believes that the blockchain has certain limitations. Compared to centralized databases, it is more difficult to fix errors and update software in decentralized networks. In addition, there are security risks, including a high probability of 51% attacks or double spending attacks.

We remind that, as the WEF reported in April, a significant number of firms working in the blockchain industry do not pay due attention to cybersecurity. According to Lannquist, the blockchain is already 11 years old, but it is still at the “infancy stage”.

According to the WEF’s April report, most blockchains can’t interact with each other. Solutions for ensuring compatibility of blockchains are mainly focused on only two open networks-Bitcoin and Ethereum, so it is too early to implement the technology at the corporate level.