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  "Dr. Doom": Roubini: "The Blockchain is the most exaggerated technology hype ever" | News | Bit Updates
Home » bitcoin updates » "Dr. Doom": Roubini: "The Blockchain is the most exaggerated technology hype ever" | News

"Dr. Doom": Roubini: "The Blockchain is the most exaggerated technology hype ever" | News

Thursday, March 8th, 2018 | bitcoin updates

Blockchain technology aims to make transactions tamper-proof. Several parties are needed for their review, powerful computers need to solve highly complex mathematical puzzles. Proponents say that this technology could make transactions both less expensive and less time-consuming. For a long time, many financial institutions have been looking into ways to use the blockchain for their own purposes.

But not everyone believes that blockchain technology has this enormous potential.

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Roubini: "It's high time to end the hype"

US economist Nouriel Roubini – also known as "Dr. Doom" due to his pessimistic economic outlook – has now raised concerns with adviser Preston Byrne of the Adam Smith Institute. The experts do not believe in Blockchain – the technology behind digital currency is "the most exaggerated technology hype ever," said Roubini.

First of all, the blockchain is less efficient than existing databases. The processes are often slower because all transactions must first be cryptographically verified. Roubini therefore doubts that blockchain technology could, for example, be established in banks that already use efficient transaction systems.

In addition, Blockchain technology is unlikely to make financial intermediaries redundant. Last but not least, there would inevitably come again and again to unpredictable situations that made the corrective intervention of an intermediary necessary.

Also, the blockchain will not become a "new universal protocol," as HTML has been for the Internet. People who thought Blockchain would revolutionize the Internet would have no idea how this technology works, according to Roubini.

For these reasons, it is time to put an end to the hype. Already in a previous interview with "Bloomberg" Roubini said that Blockchain technology has been around for ten years, the only application area are still digital currencies – and these are "fraud".
Technology not completely useless?

Ultimately, Roubini admits, however, that the technology might be useful in some situations. For example "in cases where the trade-off between speed and verifiability really pays off". In the end, however, the use of the technology may be limited to certain, complex niches that require "more transparency and tamper resistance than speed." As an example, the economist cites communication with self-driving cars or drones.

Editors finanzen.net

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Image sources: Vivien Killilea / Getty Images for Berggruen Inst., Westend61 / Getty Images, dencg / Shutterstock.com


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