The blockchain is touted as a panacea to the misaligned or competing interests of centralized institutions and those of users. This technology can potentially solve inefficiencies in supply chains, currency distribution, storage of national records etc.
Yet it now appears like the divergent needs of individual users and those of service providers have had the technology up against unexpected challenges.
It seems institutions or service providers prioritize security or the scalability of a system over user rights or needs. Individuals on the other hand prefer a decentralized and permissionless platforms since these give them greater control and autonomy.
Prior to the emergence of this technology, centralized institutions had been prevailing in this duel. Users or consumers are largely accustomed to centralized systems and in any case, there had been no other option until recently.
This uneven relationship, which sometimes is a source of friction, has subsisted for decades. It seemingly is the norm when one takes the reasons given at face value.
For example, birth registration or passport issuance can only be done at centralized points to ensure the integrity of such documents is not compromised by bad actors.
So while users or potential holders of such documents might prefer a more decentralized platform that prioritizes their privacy, they too accept the reasons for having a centralized system. In any case, governments have opposed any private sector attempts to intervene in these ‘sensitive’ areas citing security concerns.
Blockchain rattles the established order
Now with the emergence of the blockchain
