“There is an economic possibility without a border as a block chain”

Silvio Micali, an MIT professor in an interview with Bloomberg News, said that the block chain has the potential to create an economy without borders.

He is a Turing Prize winner and a founder of a block-chain developer who is awarded to computer science achievements in the fields of encryption technology and proof of knowledge. Professor Michelle said in an interview that there is a possibility that a borderless economy could be created with a block-chain technology system. For example, in a real estate auction market, if you have a huge and fair auction market by block chaining, you can divide office buildings into smaller pieces and sell them all over the world.

He also pointed out the three functions needed for the block chain to make the economy more inclusive and borderless. Security, distribution, and scalability. He emphasized that meeting these three at the same time is necessary for the development of future block chain systems. In particular, for scalability, distributed systems will need technology to provide the same level of trust and participation as centralized systems in the future.

Regarding the security problem of the block-chain system, he pointed out that the centralized system is much more vulnerable to hacking and that privacy violations are more frequent in such organizations. In this respect, the security aspects of the block chain are optimistic. A true distributed system would make it impossible to actually attack everything and real security would be realized when there is no need to trust a particular system or node. For more information, please click here .