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In Blockchain insiders tell us why we don't need blockchain Jemima Kelly reports on a hearing of the British Parliament's Treasury Select Committee about blockchain technology. The MPs evidently got to hear some real gems, for example from:
"Chris Taylor, chief operating officer at Everledger, a company that is trying to use the blockchain to track (and miraculously “protect”) diamonds and other assets. Here's an excerpt from his contribution:
'It's the same as any system - it's garbage in, garbage out. So you've got to make sure that the participants that you're allowing to contribute to the network are trustworthy.'
He said it, not us. A blockchain is the same as any system. If you feed garbage into it, it will feed garbage back out to you. And if you accidentally feed garbage into it, you can't change it, because immutability!"
Wasn't the point supposed to be that blockchains eliminated the need for trust?
May 2, 2018, 10:45:30 AM
Posted to Cryptographers On Blockchains