Why decentralization is here to stay

Why decentralization is here to stay

Trinity researcher Dr Hitesh Tewari is exploring a number of ways in which blockchain technology can pave the way for data privacy.

From its humble beginnings to becoming the first decentralized cryptocurrency, bitcoin has come a long way.

Since then, the Bitcoin protocol, which has an immutable and distributed blockchain at its core, has inspired others to produce many blockchain-based cryptocurrencies and tokens.

From there, new concepts continued to evolve, from smart contracts locked in the blockchain to Irreplaceable icons They can represent real-world items such as artwork and real estate.

While the latter is right Treat with skepticismThe core blockchain technology is a powerful tool as we move forward in the field of digital transformation.

Dr. Hitesh Tewari is Assistant Professor in the School of Computer Science and Statistics at Trinity College Dublin. His research extended to computer networks, electronic payment systems, cryptography and blockchain technology.

In September, the Trinity was listed among Top 50 Universities for Blockchain by CoinDesk.

“Researchers like myself are using blockchain to redesign central (fixed and mobile) networks for a decentralized environment, in order to make it more transparent, secure and robust,” Tiwari told SiliconRepublic.com.

“In 2017, my team and I provided an elegant solution to a long-standing electronic voting dilemma, and developed a fully auditable and anonymous file. Electronic Voting Protocol By making use of a cryptocurrency called zcash. I also benefit from my experience in Zero Knowledge Protocols (ZKPs) To develop Smart contracts protect privacy To enhance the field of user privacy.”

Decentralized privacy systems

Anytime we use social media, access smart devices, or pay for things online, we’re leaving digital footprints all over the internet.

But as our awareness of privacy increases, the need to control our personal data is more important than ever. This is where the uses of blockchain can come in.

Tewari’s current research focuses on decentralized privacy-preserving systems, from the security of autonomous vehicles to next-generation cryptocurrencies.

With the Internet increasingly dominating a small number of big technology companies, he created a framework for decentralized internet Where end users control their data and their digital footprint is kept private.

“The genie is allowed to get out of the bottle and decentralize is here to stay”
– Heights Tewar

“In the field of eHealth, I have developed a healthcare management ecosystem that allows the expansion of Patient’s medical records To be stored securely and anonymously on the blockchain. This allows third parties to extract data to determine healthcare trends etc., without inferring personal details of individual patients.”

Additionally, with connected and autonomous vehicles increasingly equipped with complex sensors and processors, Tewari is actively looking for secure “vehicle-to-everything” communications using blockchain.

future blockchain trends

Blockchain-based cryptocurrencies have consistently made headlines in recent years, with some dubbing decentralized finance (DeFi) systems in the name of The ‘Wild West’ of banking.

“The idea of ​​a fully anonymous cryptocurrency based on a blockchain or DeFi that is not under the control of a national government frightens incumbents, who desperately want to preserve the status quo that has existed for the past century,” said Tiwari.

“Central banks around the world are seeking to create their own cryptocurrency offerings, also known as stablecoins, which are pegged for example to the US dollar, the euro, etc.”

European Finance Director Mered McGuinness said earlier this year that Bill to introduce the digital euro It could be rolled out in the European Union early next year, while Joe Biden has signed an executive order with a plan for digital assets in the United States, including Digital dollar potential.

“I believe that as blockchain-based cryptocurrencies become more mature and start facing some big challenges like increasing the number of transactions per second and reducing energy consumption, the big players in e-commerce like Amazon, Alibaba, etc. will start accepting such cryptocurrencies as exchange for goods. and services,” Tiwari added.

But while cryptocurrencies are gaining in popularity, environmental outcome Associated with securing transactions on the blockchain is something to consider.

“With increasing awareness of the devastating effects of climate change on our planet, I propose to develop it Energy efficient and high transaction throughput Protocols for the next generation of cryptocurrencies by developing new consensus mechanisms, lightweight crypto protocols, etc.”

He added that in conjunction with mass adoption by end users, there will be less volatility in the price of these tokens as they will begin to play an important functional role in the global financial system.

“I also believe that in the future ZKPs will increasingly be employed to preserve the privacy of end users, while providing indisputable proof of identity, payment and contract fulfillment for providers of goods and services in today’s increasingly digital world,” he said.

“The genie has been allowed out of the bottle and decentralization will remain.”

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