The director of the Institute of Digital Currency at the People's Bank of China (PBoC), Yao Qian, believes that while Blockchain has benefits, its shortcomings need to be resolved in order for it to “become the financial infrastructure of the future,” according to an opinion piece by Qian published by state-owned media outlet Yicai today, April 27.
After listing the benefits of Blockchain technology - its security, reliability, use of smart contracts and a peer-to-peer system - Qian notes that “it is precisely because the blockchain technology mainly served Bitcoin in the early stage [why] in some aspects it has obvious shortcomings and deficiencies.” The main problems, according to Qian, are an inability to scale and needs for improvement of data privacy and the governance mechanism.
Continue Reading on Cointelegraph
