Photo: Kiichiro Sato / AP
The growing volume of information transferred within the framework of the retail blockchain transactions, can stop the work of the global network. It is stated in the report, Bank for international settlements.
According to experts, financial institutions, software blockchain platforms and digital processing of retail transactions, requires a huge capacity. With the spread of such payments could collapse the entire technology infrastructure-from individual gadgets to large servers. The paper argues that processed volumes of data can lead to “stop the Internet”.
Experts believe that the construction of the global economy on the blockchain too risky: trust between community members and the agreement is too fragile. The decentralized system in this case is not a plus, but its key disadvantage.
Also among the negative qualities of the employees of the Bank called instability, susceptibility to fraudulent manipulation and hacking: attacks on exchanges are often the cause of the fall in the value of cryptocurrencies.
As an additional argument, the experts identified environmentally unfriendly blockchain: the miners that process the transactions, consume as much electricity as is needed throughout Switzerland. The experts noted that “the desire for decentralized trust had quickly turned into an environmental catastrophe.”
Video, photo All from Russia.