The open and transparent mechanisms of the blockchain are increasingly at the service of the centralized systems of traditional institutions. It sounds a bit strange and yet the attention towards this technology is increasing exponentially from companies in every sector.
It is clear that cryptocurrencies have now affirmed their legitimacy in the financial system, for several years many governments and institutions in various sectors have been investing in the development of blockchain infrastructures, as well as institutional investors showing a growing interest in Bitcoin and other cryptocurrencies.
From July 2020 the Office of the Comptroller of the Currency, an independent bureau of the U.S. Department of the Treasury, allows US banks to provide custody services for cryptocurrencies. OCC.gov
We are slowly approaching an institutional adoption of the blockchain and this is not negative because as experts explain it is a fundamental step to allow its mass diffusion.
But from a more theoretical point of view, the mass adoption of the blockchain could conflict with the basic principles of the blockchain ecosystem.
For Nakamoto the financial system must be fair and democratic and this can only be guaranteed with decentralization, but how the latter can be guaranteed if the traditional centralized institutions begin to take over the cryptography system.
Blockchain technology was created to benefit individuals without the need for intermediaries, thanks to its data architecture that allows you to create unique virtual assets to be exchanged over the internet.
It is configured as an alternative to the centralized systems of many sectors, especially the traditional banking one, it is a revolutionary system designed precisely in contrast to a centralized system.
So the fact that decentralization will go through centralized institutions is a bit of a paradox.
It is also true that Blockchain has the potential to deal with any scenario, the Transparency and Immutability of the Blockchain are a deterrent against the spread of bad practices as well as its ability to identify and experiment with new solutions.
The key thing is that centralized institutions adapt to the blockchain system, its rules as well as its continuous evolution and above all find the right way to guarantee disintermediation because the main objective remains accessibility for all to the block system that is revolutionizing everyone's life.
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