APAC CIOOutlook

Advertise

with us

  • Technologies
      • Artificial Intelligence
      • Big Data
      • Blockchain
      • Cloud
      • Digital Transformation
      • Internet of Things
      • Low Code No Code
      • MarTech
      • Mobile Application
      • Security
      • Software Testing
      • Wireless
  • Industries
      • E-Commerce
      • Education
      • Logistics
      • Retail
      • Supply Chain
      • Travel and Hospitality
  • Platforms
      • Microsoft
      • Salesforce
      • SAP
  • Solutions
      • Business Intelligence
      • Cognitive
      • Contact Center
      • CRM
      • Cyber Security
      • Data Center
      • Gamification
      • Procurement
      • Smart City
      • Workflow
  • Home
  • CXO Insights
  • CIO Views
  • Vendors
  • News
  • Conferences
  • Whitepapers
  • Newsletter
  • Awards
Apac
  • Artificial Intelligence

    Big Data

    Blockchain

    Cloud

    Digital Transformation

    Internet of Things

    Low Code No Code

    MarTech

    Mobile Application

    Security

    Software Testing

    Wireless

  • E-Commerce

    Education

    Logistics

    Retail

    Supply Chain

    Travel and Hospitality

  • Microsoft

    Salesforce

    SAP

  • Business Intelligence

    Cognitive

    Contact Center

    CRM

    Cyber Security

    Data Center

    Gamification

    Procurement

    Smart City

    Workflow

Menu
    • Cyber Security
    • Hotel Management
    • Workflow
    • E-Commerce
    • Business Intelligence
    • MORE
    #

    Apac CIOOutlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIOOutlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    Will a Decentralized Approach Help Crypto and Blockchain?

    Crypto and blockchain are still gaining momentum in the market. Banks don’t trust permissionless system such as Bitcoin or Ethereum to handle anti-money laundering (AML) and know your customer (KYC) data.  

    Will a Decentralized Approach Help Crypto and Blockchain?

    By

    Apac CIOOutlook | Thursday, January 17, 2019

    Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.

    Crypto and blockchain are still gaining momentum in the market. Banks don’t trust permissionless system such as Bitcoin or Ethereum to handle anti-money laundering (AML) and know your customer (KYC) data. Bitcoin gained popularity because it was the first decentralized cryptocurrency. In ten years, it has never been hacked. However, blockchain has pitfalls.

    The Blocksize debate and subsequent forks of the network come with drawbacks such as limited utility, namely scalability, a mining arms race, and a high degree of energy inefficiency. Ethereum has similar challenges. A significant upgrade to the network is difficult because of the distributed nature of both the platforms. These challenges raise the concern of complete decentralization or centralization to a certain degree. This debate is important because many investors and exchange operators are seeking a decentralized approach mostly for ideological reasons. A decentralized approach will lead to higher transaction fees, limited trading pairs, and higher latency. To understand these issues, the nature of decentralization needs to be understood.

    Geoffrey Moore’s book Crossing the Chasm covers Roger’s bell curve which focuses on the user model for forecasting the adoption of a given technology. In the adoption of every technology, there are the early majority, late majority, and laggards. The groups of early adopters don’t worry about the limited performance of the software, bugs and certain challenges in functionality. In the crypto market, early adopters and innovators are willing to lose their private keys and crypto assets, losing their identity or even starting over.   

    Check out: Top KYC Consulting Companies

    The early majority is slightly different than early adopters. The early majority consists of pragmatists concerned with reliability and quality of the product. They are not patient with the shortcomings of the technology especially if they face a financial loss. In the crypto scenario, users want the ability to recover their stolen data and reverse a wrong transaction.

    Even more than that, users need support when they run into an issue. Developers need to focus on solving real challenges for users and stop focusing on pure decentralization. If centralization can help address issues like trusted execution environments, the throughput of a payment system, or facilitate the transmission of regulated data, it should be embraced.   

    Getting clarity on this issue will provide elucidation on the use cases for certain crypto assets. It will help in breaking the ice for new investors in the space, valuation models, and adoption of blockchain-based programs and applications. 

    More in News

    Harnessing Big Data Analytics to Enhance Business Strategies

    Harnessing Big Data Analytics to Enhance Business Strategies

    AI's Role in Apac's Digital Transformation Journey

    AI's Role in Apac's Digital Transformation Journey

    Impact of Digital Transformation on Retail

    Impact of Digital Transformation on Retail

    Salesforce Services in APAC: Empowering Digital Transformation Across the Region

    Salesforce Services in APAC: Empowering Digital Transformation Across the Region

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Copyright © 2025 APAC CIOOutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy and Anti Spam Policy 

    Home |  CXO Insights |   Whitepapers |   Subscribe |   Conferences |   Sitemaps |   About us |   Advertise with us |   Editorial Policy |   Feedback Policy |  

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://www.apacciooutlook.com/news/will-a-decentralized-approach-help-crypto-and-blockchain-nwid-5951.html