News
Can blockchain technology prevent another CrowdStrike-like crisis?
The blockchain space offers nearly limitless possibilities, especially when it comes to improving efficiency and security. Roundtable host Rob Nelson and Simon Baksys, VP of Business Development at LayerZero Labs, delve into blockchain’s potential to prevent disruptions like the recent CrowdStrike incident.
Nelson opened the discussion by highlighting the incredible potential within the blockchain space. He wonders whether blockchain could prevent incidents similar to the recent grounding of flights due to a software update issue.
Baksys explains that while there are parallels, the CrowdStrike incident is not directly comparable. He emphasizes the importance of decentralization, saying it reduces the risk of a single point of failure, which was evident in the case of CrowdStrike. Decentralization could potentially offer greater resilience against such disruptions.
Rob agrees, noting that the problem lies in centralized control. He admires how bitcoin miners can quickly adjust their energy consumption to support the network, illustrating the benefits of a decentralized system. This adaptability and efficiency, he notes, are essential for a more resilient infrastructure.
Simon acknowledges this, adding that while decentralization involves more decision makers and may slow down some processes, it ultimately aims to create a more robust and efficient system. He admits that the blockchain space still faces challenges in achieving this ideal balance between decentralization and efficiency.
Rob expresses his curiosity about consensus management in decentralized operations, acknowledging the potential for longer decision times. However, he remains optimistic about the future, believing in the potential of blockchain to improve overall efficiency and provide greater control at the user level.
Simon agrees, admitting that while the blockchain world isn’t perfect, its benefits are worth pursuing. He’s confident that ongoing efforts will address existing flaws, paving the way for a more decentralized and resilient future.