The denial of absolute decentralization can solve many of the problems faced by the blockchain technology. This opinion was expressed Director of the Institute for research of digital currencies the people’s Bank of China Yao Qian (Yao Qian).
He called the key benefit of traceability and functional smart contracts, and noted that decentralization prevents to achieve greater scalability, maintaining harmony in the running community.
Yao Qian believes that the industry should not be too rigidly adhere to a fully decentralized control should be a more flexible approach.
“We expect that in the future there will be a new field between the two poles of centralization and decentralization. Each blockchain system will be a differentiated level of centralization to meet the requirements of different usage scenarios,” said Yao Qian.
As evidence, he recalled a hacking project DAO when solving technological problems of a decentralized system was forced to resort to the separation of the blockchain for Ethereum and Ethereum Classic.
The proposed head of the research Institute structure will have the ability to suspend or close the system, to roll back the transaction and other data, as well as increase performance without the need of reaching consensus in the community.
Yao Qian is not the first of Chinese officials who speak about the need to limit the decentralization of the blockchain. Earlier, the Director of the information center of the Commission on the regulation of China securities (CSRC) E Zhang (Zhang Ye) stated that the blockchain works more effectively when it is built on a centralized basis.