Decentralization & NFT – by Og

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During Money 2.0 in Dubai 2022, with my Role as Innovator at One Global (Og), I had to moderate a panel discussion focusing on the Decentralization setbacks, led by 3 other panelists from different leading companies. From Dr. Daniel who was not able to join us shared his view that In blockchain, decentralization refers to the movement of control and decision-making from a centralized entity, which could be a person, organization, or group, onto a dispersed network.

However, all the 3 panalists ; Daniel, Nitin and Manan, agreed on to there is a paradox in which this same decentralization technology causes a slew of setbacks for Blockchain technology.“How’s that possible?” Well, here’s a rundown of some of the most significant of these setbacks:

• Crime,First on the list is the crime perpetuated due to the anonymity decentralization creates for all and sundry on the Blockchain network. One example is the illegal, subterranean, digital black market known as “Silk Road,” which mainly relied on the decentralization of the Blockchain technology to effect all transactions, thereby creating an avenue for people to buy illegal substances on this website.
• Not Beginner-Friendly; Another setback of the decentralization technology in Blockchain is that it is not beginner-friendly, as newbies are known to encounter a series of challenges when starting out on Blockchain platforms running decentralized networks.
• Storage Issue, For those who aren’t tech savvy, storing blockchain-based cryptocurrency can be a challenge. For those who are, secure storage is rather straightforward. In truth, it’s rather simple to achieve by acquiring so-called “cold storage” wallets like the Trezor. A newbie, on the other hand, may find it difficult to build a Bitcoin or Ethereum wallet and transfer their funds from a digital wallet to a cold storage wallet, which is fully offline (unless you connect it).
• Governance, in the examples provided by Nitin and Manan for India e-Rupee and Digital Rupee, it all agree that the solution is Public Private Partnership (PPP) to jointly govern the change

In context, decentralization technology of Blockchain is still young tremendously inventive and beneficial creation, its development necessitated extraordinary computer science and financial expertise, and Blockchain has the ability to disrupt both industries.

and for the next activities where I have met Joe Reis who with hot fireside chat we engaged the audience on how NFT which become mainstream media hype, will evolve into a 3rd wave of safety, because several platform mainly on the name of Og Chain at One Global (Og), an institutional relationship created a DAO models where an anti-corruption and autonomous models are completely complying to regulations and privacy, while we provide security and reliability to all actors of the platform.

Even we believe on the Peer-to-peer nature of Blockchain, governance and safety, are very key because in time of disaster, customers are only blaming the system.