Response to block chain critics: size, transparency, and threats to intermediaries


nnnWalking Comments: Block chain technology is called the next Internet, with revolutionary and transformative. The most common criticism of block chains includes size, transparency, and threats to intermediaries. For the supporters of this technology, these criticisms are useful and worth considering carefully. In fact, only by studying similar problems, the chain-chain community can innovate its solutions in different industries, which will enable block-chain technology to become a global support business, communications and value exchange system.n
nnBlock chain technology is called the next Internet, revolutionary and transformative.n
nSuch a magnificent description may be worthy of the name, but this description also ushered in skeptics. Criticism of the block chain is the most common problem, including size, transparency and threats to intermediaries. For the supporters of this technology, these criticisms are useful and worth considering carefully. In fact, only by studying similar problems, the chain-chain community can innovate its solutions in different industries, which will enable block-chain technology to become a global support business, communications and value exchange system.n
nBlock chains are based on distributed accounting technology, and each transaction is verified by a certain percentage of nodes in the network. The process of verifying the transaction takes time. It takes 10 minutes to dig each block of the Bitcoin block chain. The Ethernet segment chain is created to support smart contract applications, so trading is much faster, with 15 transactions per second. But the exchange on the Internet faster. For example, Visa handles 45,000 transactions per second. More in the advertising industry, such as Facebook audience network to 1 billion people a day to provide advertising, Google advertising can get 29.8 million times a day show.n
nThe large number of trading needs in the digital world has led many critics to believe that technology will never expand. The use of a proof-of-work consensus algorithm for thousands of nodes is too slow for programmatic advertising or any real-time system, but there is no such restriction. You can use different consensus algorithms and channels (such as lightning networks) to build private chains. The lightning network allows real-time value transfer through the implementation of the chain of transactions. Distributors may have doubts about the concept of private chains because they are central, but in some cases private chains may be better choices, such as in certain enterprises and governance models.n
nAnother component of the block chain technology is transparency. All the transactions are recorded, so no one participant can use the “black box” to hide their actions. The reason why this transparency is revolutionary is that many of the existing systems are opaque and complex, and their blind spots are exploited by many malicious attackers to steal data and value without impact.n
nThe transparent nature of the block chain eliminates blind spots. Some people use “too many good things can hurt youn
nbut in the long run, transparent pricing is only good for buyers and sellers on the market, “said the argument.n
nIn the advertising ecosystem, the AdLedger Alliance was established to determine the rules and standards for data exchange in a chain-chain network. Participants include players from both ends of the supply chain, from advertisers to publishers. This cooperation is critical to the industry before the block chain system will become a universal reality.n
nHowever, it is inevitable that the block chain technology to achieve batch use, the role of intermediaries will be transferred – “transfer” is the key word. Many of the blockbank technology potential critics argue that with the block chain technology will squeeze out the intermediary. This is not necessarily true.n
nFor example, although the point-to-point characteristics of the block chain may make the bank out of date, companies such as Goldman Sachs, Morgan Stanley and others are investing in block-chain technology. In music, streaming media services act as an intermediary between artists and consumers, but Spotify recently acquired Mediachainn
nLabs, and plans to use block-chain technology to solve industry attribution problems. In essence, through the extensive service of commercial intermediaries, we encourage competition, which is the greatest impetus for innovation.n

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