Users vs. governments: The ‘infinity war’ for blockchain privacy may be over

imageCryptocurrency24 minutes ago (Dec 24, 2020 03:20PM ET)

Users vs. governments: The ‘infinity war’ for blockchain privacy may be over

The unique power of blockchain and cryptocurrency can also be considered their weakness. Crypto users gain unparalleled privacy for financial transactions through a decentralized transactional system. Governments, however, demand transparency in financial transactions for legal concerns. This creates a paradox. People are less inclined to use financial instruments if, in doing so, they expose their money to the world. Conversely, there are a number of regulations requiring financial institutions to counteract terrorism and money laundering — serious concerns for many governments.

The crux of the issue is that most public blockchains require a consensus of all participants to validate transactions. How can both sides — individual users and governments — achieve their conflicting objectives when they’re diametrically opposed?

Debasish Ray Chawdhuri is the senior principal engineer at Talentica. Debasish is an IIT Delhi alumnus and a researcher who has worked closely with founders of high-growth startups and enabled the adoption of emerging technologies like Blockchain. He has published several research papers on privacy, cryptocurrency, smart contracts and cryptography on prominent platforms like IEEE and Springer. He also authored a renowned book on data structure and algorithms.

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Users vs. governments: The ‘infinity war’ for blockchain privacy may be over

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