Professor Silvio Micali from the Massachusetts Institute of Technology (MIT), in a recent interview on Monday, Jan. 21st 2019, said that the blockchain tech has the potential to build a borderless economy. Micali, in the interview, highlighted three blockchain features which when work hand in hand can help achieve a borderless economy, namely: security, decentralization, and scalability.
As per Prof. Micali, MIT’s Ford Professor of Engineering, all the blockchain projects till now had only the security and decentralization feature enabled in them and lacked scalability. Adding further, Prof. Micali stressed on the lack of scalability in the blockchain and said that only a superior technology can justify the needs of a decentralized system if one wants it to be at par with a centralized system that is apt at offering an extended level of participation and confidence.
Continuing further, when Prof. Micali was asked to state his view on blockchain security breaches, he pointed out that the centralized systems with their level of participation are a much worse security risk. He said that a centralized system is more prone to hacker attacks if we look at the frequency of security and privacy breaches centralized institutions face.
Concluding, Prof. Micali expressed optimism about the blockchain tech in terms of security, he said that only a true decentralized system with its widespread is essentially practically impossible to be attacked on all nodal fronts, prompting us the need to not trust a particular node, and bringing the actual security today’s system need and deserve.