Currently, the financial system
depends on a number of centralized trusted intermediaries.
Until a decade ago, it was commonly
assumed that these central hubs were extremely unlikely to fail. More
importantly, it was supposed that they were too big to fail (TBTF), so that the
government would step in and bail them out if they did fail. The Global
Financial Crisis of 2007–2008 shattered these assumptions as many large banks
in the most advanced economies of the world either failed or were very
reluctantly bailed out.
Repeated instances of hacking of
the computers of large financial institutions is another factor that has
destroyed trust. When trust in the central hubs of finance is being
increasingly questioned, decentralized systems like the blockchain that reduce the need for such trust become attractive.
The blockchain is a decentralized, replicated, tamper resistant
(immutable), append-only ledger of transactions.
Benefits of the blockchain
- A full audit trail is available to all participants. Moreover, the inbuilt cryptographic integrity checks ensure that this audit trail is verified by all of them. The result is a significantly lower need for trust in central hubs.
- Second, the blockchain is partition resistant: if a few nodes fail or are disconnected from the network, the rest of the nodes can continue to function because they all have a copy of all the data.
Blockchain
is still an evolving and therefore immature technology; it is hard to predict
how successful it would be outside its only proven use domain of
cryptocurrencies. History teaches us that radically new technologies take many
decades to realize their full potential. Thus it is perfectly possible that
blockchain would prove revolutionary in the years to come despite its patchy
success so far.

Worth-exploring reads also from Vikalpa:
About the journal:
Vikalpa: The Journal for Decision Makers is the journal of the Indian Institute of Management Ahmedabad (www.iima.ac.in/web/iima). Launched in January 1976, this peer-reviewed journal ispublished quarterly. The word Vikalpa, in Sanskrit, carries a rich repository of meanings: diversity,
alternatives, logic, and freedom of choice.
Connect with us here.
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