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07 Apr 2019
Monetary Auth of Singapore
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The future of blockchain

Two years ago, my friend was enthusiastic about blockchain. He explained the concept to me. He attended a course on blockchain and was excited about it. 

MAS was also excited about the potential of blockchain.

My friend gave me some technical references. I did not like it. I found it to be an expensive and inefficient way to achieve "independence from a third party".

I did not like the concept that the database has to be duplicated into many "nodes" and that a lot of computer processing power had to be spent on arguing which version is the correct one.

His reply was computer power is cheap. I did not agree.

I met my friend recently and asked for an update about blockchain.

He told me that a new version of blockchain had been developed to address the inefficiency of the earlier version.

My common sense seemed to be correct.

One day, blockchain will be successful. But it will not be the inefficient model that most people were excited about, and after billion of dollars have been poured into a concept that obviously would not work.

I wonder if it is all a scam. But our government would probably have poured in several tens or hundreds of millions to support the work that would eventually be found to be useless.

Like the concern over Y2K.

Tan Kin Lian

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