Today the People’s Bank of China, the central bank,
published a report analyzing the pros and cons of blockchain stretching from public to permissioned applications. Below is a summary of the paper written by Xu Zhong, the Director of Research.
It starts by outlining some generic blockchain functionality and enterprise applications. It then explores public blockchains and concludes that cryptocurrencies will not disrupt the modern financial system, but blockchain may help by making business processes more efficient.
The paper initially addresses a blockchain myth about the truth of data. Because data is on a blockchain doesn’t mean it’s correct as the source may not be reliable. However, it’s hard to tamper with data once it’s stored on a blockchain.
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