Blockchained: Responses to readings of Week 4
The readings showed a clear picture of how blockchain exchange systems have potential to help communities in developing countries, for making payments and trading resources, faster and safer than traditional banking systems. Looking at its benefits, It would be wise for the general population of the world to start using cryptocurrency soon. But introducing any new decentralized trading system brings up questions and concerns.
Q1: Are blockchain based transaction systems easy to understand for the general user? Especially in developing countries. What sort of campaigning measures have been taken to make crypto-currencies trustworthy and acceptable to the general population?
Q2: If crypto-currencies remove the middlemen and help curb corruption, then would the corrupt authorities in governments and organizations allow blockchain transactions to take over the traditional banking systems? or Would they be able to figure out some loophole in the blockchain system to abuse it?
Q3: As we see more and more Mobile money transfer systems rise in global markets, what sort of measures have public authorities taken to make sure the user's data and currency is safe
Q4: Considering possibilities of mobile banking accounts more vulnerable to hacks than cryptocurrency, Would mobile transaction companies like M-pesa or PayTM ever adopt cryptocurrency transactions in the future?
Q5: What would happen to cryptocurrency reliant consumers, in the case of telecommunication or network failure? Like In worst case scenarios like regime takeover by dictators, who could easily block power and telecommunication grids.