Are we really eliminating central authorities with blockchain?

Knoldus

There is a lot of promise around blockchains. While we at DeepChains do subscribe to the philosophy and would be eager to provide business solutions to meet the industry needs but there has been a lot of double talk, it seems with blockchains.

The premise of blockchain is the following

  • No central registration – No big papa.
  • Decentralized – there is no single point of failure.
  • Safe – Encrypted and secure.
  • Private – My data as an individual is not held by a central authority. I choose what to share
  • Secure – end-to-end encrypted communication routed over Tor.
  • Open – Open source code

However, for all the so-called currency exchanges, this does not seem to be the case. Let us understand the premise of Bitcoins philosophy first. If you look at the image below, we are trying to get rid of any central agencies,

screenshot-from-2016-11-27-13-37-34

We are trying to get rid…

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