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Sounding Board: How blockchains, AI can transform pension administration

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Comments

Diomy:

It was a good article, but I only have two comments. 1) Blockchain is one word. 2) There should be some discussion about how blockchain only works if everyone else is on it, because if not, the whole being a DLT thing is undermined and it serves half of its point.

Thursday, July 27 at 8:28 pm | Reply

Nicholas:

To address the other comment, “Block chain” was formerly how it was shown on paper. Recently, Blockchain has become a single word.

To address some points in this article;

“Block chains create a virtual ledger that lets a network of trusted participants transact directly without requiring third-party verification”

This is largely inaccurate with respect to how Blockchain as a technology operates. Blockchain does not create a virtual ledger, but rather it is in and of itself a virtual ledger. Further, Blockchain does not function as a data infrastructure for trusted users, key word here being trusted. It is comprised of all users active in a digital ecosystem, whatever the nature. Decentralization is precisely what Blockchain was created to accomplish, and has been achieved through a system centered around third-party members (miners) independently verifying the data blocks which feed into the ledger only after all verifications are in agreement. It is of course important to note that these miners are incentivized to perform block verifications strictly by maintaining 100% accuracy in the validation of data integrity, and collusion would be harm rather than benefit these miners. That said, your mentioning of no third party verification is quite misleading.

Overall, very interesting to see Blockchain develop and its applicability be recognized across several sectors and financial areas.

Friday, July 28 at 10:47 am | Reply

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