The blockchain field holds nearly limitless potential, especially when it comes to improving efficiency and security. Roundtable anchors Rob Nelson and Simon Baksys, VP of Business Development at LayerZero Labs, will explore blockchain’s potential to prevent disruptions such as those caused by the recent CrowdStrike incident.
Nelson began the discussion by highlighting the incredible potential of the blockchain field, which he believes could prevent incidents like the recent airline grounding due to software update issues.
Baksys explains that while there are similarities, the CrowdStrike incident can’t be directly compared. He stresses the importance of decentralization, which he says reduces the risk of a single point of failure, which was evident in the CrowdStrike case. Decentralization can make organizations more resilient to disruptions like this.
Rob agrees, noting that the problem lies in centralization. He appreciates the ability of Bitcoin miners to quickly adjust their power usage to support the power grid, demonstrating the benefits of a decentralized system. This adaptability and efficiency are essential for a more resilient infrastructure, he notes.
Simon acknowledged this, adding that while decentralization involves more decision makers and may slow down some processes, the goal is ultimately to create a more robust and efficient system. He acknowledged that the blockchain field still faces challenges in achieving the ideal balance between decentralization and efficiency.
Rob is intrigued by the idea of consensus management in decentralized operations and acknowledges that decision-making can take time, but he is optimistic about the future and believes blockchain has the potential to improve overall efficiency and provide more control at the user level.
Simon agrees, acknowledging that while the blockchain world is not perfect, its benefits are worth pursuing. He is confident that continued work will iron out existing flaws and pave the way for a more decentralized and resilient future.
