Life exists in the 4 dimensions of space time continuum, so does everything that impacts life, including data. Change is the only constant in life. If data reflects the reality of life, it has to adapt to the dynamics of life, and change accordingly. But in blockchain, the data stays frozen in time. Is it the lack of dynamism in blockchain that’s holding it from becoming the promised Trillion Dollar industry despite its unprecedented bull run in crypto markets? We examine the paradox that real-life implementations of blockchain have to encounter, and formulate a hypothesis to resolve the paradox. Read the full research paper here.
Blockchain technologies can be used to create “math-based money” and “unstoppable” smart contracts that are enforced with the impartiality of a machine. Among the fiercest critics of Blockchain is Professor Vili Lehdonvirta of Oxford Internet Institute, who contends that blockchain’s revolutionary potentials may be undermined by a fundamental paradox that has to do with the governance of the technology. As he claims, this paradox is basically born out of the conflict between the immutability of blockchain smart contracts and the change that governance entails.
SC in essence is a computer program executed in a sandboxed environment, so one that restricts them. That restriction provides special functions and properties: the famous blockchain immutability is one of them . It seems the most revered characteristic of SC is becoming its own nemesis as far as real-world use cases are concerned. Introducing a bit of flexibility to accommodate the real-world changes might help. But how can you make IMMUTABILITY dynamic? We closely examined the paradox that real-life implementation of SC is encountering, and framed a hypothesis to reconcile SC’s immutability with life’s reality of “CHANGE”.
Traditional transactions pertaining to human activity involve human intervention and hence the change or dynamism will always be subjective lacking immutability. However, that may not be the case if the change is objective, algorithmically controlled and beyond human intervention. It is the mathematical algorithm that renders smart contract immutable, it has to be mathematical algorithm that can inject dynamism in smart contract without compromising its immutability.
Several experiments are on the drawing board to prove the DISC hypothesis in several complex real-world scenarios. This will entail integrating sophisticated AI agents to feed the algorithmically controlled dynamic parameters to SC.
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