New research from the University of Birmingham has found that using blockchain may not be necessary in most cases.
Blockchain technology may not be necessary in many cases, according to new research from the University of Birmingham. The study, led by Dr. Joseph Preece, a computer scientist at the University of Birmingham, highlights potential drawbacks in the decision-making process regarding the use of blockchain.
In an interview with Tech Xplore, Preece explained that when companies consider whether to implement blockchain, they often turn to Blockchain Decision Schemes (BDSs) for guidance. Preece specifically expressed concerns about the overwhelming number of Flow Chart BDSs (FC-BDSs) available to help determine whether blockchain is suitable for their needs.
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The study identified an “imbalance in recommendations to avoid versus use blockchain use,” highlighting the need for future FC-BDS developments to address this imbalance and provide a more equitable representation of scenarios where blockchain is needed.
“[…] Our research has shown that there are an overwhelming number of FC BDSs to choose from, many of which suffer from inherent biases in one way or another. Overall, these plans often suggest avoiding blockchain, meaning people decide to use blockchain when another solution could be just as good or even better.”
Dr. Joseph Preece
While Preece admitted that blockchain is a “very powerful piece of technology and can be incredibly useful,” the computer scientist noted that currently the tools used to make decisions about its use “cannot be as accurate as an expert’s advice . domain expert.”
Previously, crypto.news reported that Australian blockchain startup Lygon – once hailed as the future of banking and backed by prominent supporters of major financial institutions – has gone bankrupt with debts hovering around $14.3 million.
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