Birmingham University finds that Blockchain is unnecessary in numerous instances
A recent study conducted by the University of Birmingham has revealed that blockchain technology may not be necessary in many cases. Led by Dr. Joseph Preece, a computer scientist at the university, the research highlights the potential drawbacks of using blockchain in decision-making processes.
In an interview with Tech Xplore, Dr. Preece expressed concern over the numerous Flow Chart Blockchain Decision Schemes (FC-BDSs) available to guide businesses in determining whether to implement blockchain. The study found an imbalance in recommendations, with a bias towards avoiding blockchain usage rather than employing it. This indicates a need for future FC-BDS developments to address this imbalance and provide a more balanced representation of situations where blockchain is necessary.
Dr. Preece acknowledged that blockchain is a powerful tool with great potential. However, he noted that the current decision-making tools used to assess its relevance cannot be trusted as much as the advice of domain experts.
In other news, Australian blockchain startup Lygon, once praised as the future of banking and supported by prominent figures from major financial institutions, has filed for bankruptcy with debts totaling approximately $14.3 million.
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