Priya Patel
TLDR: Blockchain technology may not be necessary in most cases, according to research from the University of Birmingham. The study found an overwhelming number of blockchain decision schemes (BDSs) to choose from, many of which suffer from biases that steer people towards using blockchain when it may not be the best solution. The researchers argue that the production and publication of BDSs should be standardized to eliminate these biases. They also plan to compare the performance of BDSs with other forms of blockchain decision schemes.
Blockchain technology has gained popularity in recent years, especially in relation to cryptocurrency. However, new research from the University of Birmingham suggests that the use of blockchain may not be necessary in most cases.
The study focused on blockchain decision schemes (BDSs) that help individuals and businesses determine whether or not to use blockchain. The researchers found an overwhelming number of BDSs to choose from, many of which have inherent biases that may lead people to make uninformed decisions. Most of the BDSs analyzed were focused on data and participation attributes, rather than security and performance, which can result in a lack of holistic decision-making.
The researchers argue that the publication and production of BDSs should be standardized to eliminate biases and ensure accurate decision-making. Currently, there is no formalized process for publishing BDSs, which leads to similarities among schemes with only minor variations. This lack of diversity can steer people in the wrong direction when it comes to using blockchain.
The next step in the research is to compare the performance of BDSs with other forms of blockchain decision schemes. The researchers also plan to create their own BDS, taking into account the findings of the study, and promote standardization in the production and publication of these tools. The goal is to ensure that decisions regarding the use of blockchain are based on accurate and reliable information.
