Is the Blockchain a perfect solution? Is it flawed? Please Comment below !
Ok we all know that blockchain is the new thing in terms of technology. And if for example, the banking system integrates or used blockchain, it will literally takes years before finally using it. Also, the cost of implementing it should also be taken in consideration. And we also know that every records in the distributed ledger are permanent and its really hard to manipulate the data, but banking systems sometimes has to do reversible transactions, if blockchain can't be manipulated, then how do the banks reverse transactions?
That is why I do not think we are ever going to get full adoption from banks or governments they do not like the idea of not having the power of reversing transactions, I think that is the biggest issue they have, when you open a bank account you are effectively giving all the power to the bank if they decide to freeze your funds you are going to lose all your money, they could even take all your money without your consent, this has happened before and I do not see a reason of why it should not happen in the future.
The whole point of bitcoin was to not get governments and banks on board, but to become your own bank. The fact that bitcoin cannot be regulated is a feature, not a bug, or something that bitcoin users should be looking forward.
A very different thing is if Wall Street investors decide to get in. In that case, they are welcomed. As long as they can't change the protocol, they just become bigger stakeholders that have to avid to the same rules as everyone else.
I agree on that, I'm simply explaining the reasoning for banks and governments to not get behind bitcoin, another reason is that governments love to print their own currency, they have been stealing the hard work of people from a long time with their fiat currencies and their high taxes and bitcoin once again does not let them to do that, so it is not really surprising that governments of the world are not very excited about bitcoin.
