New research from the University of Birmingham has found that, in most cases, the use of blockchain may not be needed.
Blockchain technology may not be needed 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 blockchain usage.
In an interview with Tech Xplore, Preece explained that when businesses consider whether to implement blockchain, they often turn to Blockchain Decision Schemes (BDSs) for guidance. Preece particularly expressed concerns about the overwhelming number of Flow Chart BDSs (FC-BDSs) available to assist in determining the appropriateness of blockchain for their needs.
The study identified an “imbalance in recommendations towards avoiding blockchain usage versus employing it,” emphasizing 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 found that there are an overwhelming number of FC-BDSs to choose from, of which many suffer from inherent biases one way or the other. Overall, these schemes tend to suggest avoiding blockchain, meaning that people are deciding to use blockchain when a different 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 help make decisions about its use “cannot be trusted to be as accurate as the advice of a domain expert.”
Earlier, crypto.news reported that Australian blockchain startup Lygon — once hailed as the future of banking and backed by prominent supporters from major financial institutions — has gone bankrupt with debts hovering at around $14.3 million.