THE FORMER BLOCKCHAIN ENTHUSIAST DENIES THE USE OF PRIVATE BLOCKCHAINS FOR ORGANIZATIONS

Former supporter of blockchain technologies Angus Champion de Crespigny noted that the introduction of blockchain into the work of organizations is extremely inefficient, since the blockchain was created to solve the narrow technological problem of value transfer.

Angus champion de Crespigny was a blockchain enthusiast and worked with companies to introduce innovative technology, but changed his mind: he is now a bitcoin enthusiast, denying the usefulness of the technology for large organizations.

According to Angus, the paradox is that companies are interested in blockchain from the point of view of coordination between organizations or stakeholders, but for the introduction of technology it is necessary to create a kind of consortium, to define common standards, for which companies form centralized organizations. But, having created all this, it turns out that the problem is practically solved:

“Technologies in large organizations are not a problem, the problem is to gather hundreds of stakeholders… after you have done it — blockchain is not a very effective technology.”

In addition, many organizations simply have different understandings of the terms “blockchain” and “decentralization”. According to the invited expert, private blockchains of companies will not have any practical value in comparison with other technologies, unlike public ones. Blockchain technology was developed in order to solve the narrow problems of value transfer, with which it copes well, Angus believes.

However, as the expert noted, the value of the hype around the technology lies in the fact that many centralized organizations have already started to change the data structure and come up with more effective ways to interact with stakeholders.