One of the most compelling things about Bitcoin and blockchain is the decentralized component of the blockchain. It’s not controlled by a person, one entity, or an oligarchy. It’s controlled by everyone.
One of the things I am intrigued to watch as different companies and industries implement a blockchain solution is how much control they are willing to turn over to the community.
At the ACORD Insurance Challenge in Chicago, I saw a pitch by a company called The Institutes. Traditionally the settlement of claims in the insurance industry was highly centralized and went through layers of bureaucracy. Will companies cede control to the community?
Those sorts of thoughts ran through my head as I read this article on how to measure decentralization from Balaji S. Srinivasan. The comments after the post are very good too. If you don’t understand decentralization, I think the article is highly useful to help understand it.
Being able to measure decentralization is important so you can find bottlenecks and vulnerabilities. How you measure will influence how you view how much decentralization there is.