Quote:
Originally Posted by mrmistoffelees
Blockchain is not a currently viable solution, it’s still in its infancy & it suffers from many issues when supported for the use case you’re advising, these are chiefly
Lack of regulation, this by proxy makes it currently insecure
Scalability
Speed
And now the big one, severe difficulties interpreting into legacy services.
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Fair points. But I would point out that the cryptocurrency system must be pretty secure as people are putting a lot of their money into it. The Bank of England is also considering using blockchain, so it must offer some viable solutions.
As for regulations, well, that is up to the government to create those regulations. These are things to do to make it work, not obstacles that cannot be overcome.
I’m not sure what you mean by ‘speed’ - the blockchain system is fast and efficient. Are you talking about speed of implementation?
I don’t see scalability as a big problem - surely, if the Bank of England is seriously considering this, it must not present major issues.
Legacy services? Surely, this new system would require all systems to be brought into line. It would be a complete overhaul.
It will take time, of course it will, but it is achievable, and if both sides agree that this is a solution, I’m sure we can find a way to manage the transitional period. We can start with eliminating the unnecessary bureaucracy, which is what so many businesses are finding difficult to manage. It just isn’t this difficult to export and import to and from other countries.