Blockchain Technology Really Necessary for R3 Group?

Lately, it has sparked much criticism in the R3 direction triggered by his sudden realization of not needing Blockchain after all. Yes, sometimes it happens, you want something so bad that you direct all your efforts at making it happen, waving a group of the world’s largest institutions to make the party bigger and happier. And it’s okay if eventually you realize that you can survive without something you’ve been chasing so blindly.

So the questions arise. Was it the Dalai Lama who said that sometimes not having something is a wonderful stroke of luck? Blockchain or Blockchain-inspired – Who really cares? Now that R3 has redirected its energy into realizing the benefits of distributed book technology, we are going to let people do the things they have gathered.

However Buterin states, “Actually what everyone is saying about R3 is a bit too harsh, they spent 18 months working with Blockchain, realized that it’s useless, decided to leave it and move on.

Also Buterin mentioned that talking to the people of R3 during all this time and from the first day were very frank saying that they are working on a technology inspired by Blockchain. Given his recent change in his strategy was simply misunderstood. The question that is presented here is different, if this inspired Blockchain technology is going to be useful. It is noteworthy that they have brilliant people in their team who have been communicating a lot with banks and understand very well what banks really need and are looking for. There is a possibility that they will achieve what they are aiming at”.

Likewise, Buterin shares a famous quote from Henry Ford: “If I had asked people what they wanted, they would have said faster horses,” and continues: “It may not always be useful to ask people what they really want. In addition, we can always take smaller steps towards progress, but we can not say that it is a technological revolution. My opinion is that R3 will not start a technological revolution”.

Buterin announced that R3 is ready for the transition to the stake protocol test, at the conference opened in Digital October, confirmed that the transition will begin soon, but will not necessarily be completed soon, as there is still much work to be done.

There are comments that Blockchain is an advanced technology ahead of its time and that it is bringing about too radical changes. Buterin sees that what the community is doing now can be risky, but if all goes well, the results will be fantastic.


Warning: CryptoSolutions is not responsible for the opinions expressed in this article. The ideas and opinions expressed in this article do not represent a business opportunity of any kind and the reader should be properly advised before making a financial or legal decision.

You may also like