Nouriel Roubini Knocks Amazon’s New Blockchain Services as a Centralized Database Only

2018-11-30 23:48

Nouriel Roubini shows that he does not believe in the potential of blockchain technology. He wrote a Tweet in which he comments on the Amazon Web Services announcement in which the company decided to launch two new blockchain services.

According to Nouriel Roubini, the new products are centralized, permissioned and private and not distributed as in other blockchain systems. So he says that there is no reason to call it a blockchain network, instead, for him, it is a centralized database.

Centralized, permissioned, private, with the authentication by trusted authorities, not-distributed. So why bother calling it a Blockchain? It is no blockchain. It is a centralized database. https://t.co/tLOpIcJqWO

— Nouriel Roubini (@Nouriel) November 29, 2018

However, Twitter users started to explain how blockchain technology works and how it can be implemented in many different ways. According to a Twitter user, Blockchain is a concept that represents information that is structured in a specific way without focusing on whether it is centralized or decentralized.

The Chief Executive Officer at AWS, Andy Jassy, launched the Amazon Managed Blockchain on Wednesday. This service will be leveraging blockchain networks in order to register millions of transactions. At the same time, Jassy explained that the company has been working with its clients understanding the specific requirements they had before creating new solutions.

There are two blockchain frameworks supported by Amazon. One is Hyperledger Fabric and the other is Ethereum. With this service, it will be possible for customers to have an easier access to two of the most popular blockchain frameworks.

Jassy has also mentioned that the company is using Hyperledger Fabric and the web service can scale thousands of applications.

Jassy commented about this implementation:

“When we head people saying ‘blockchain,’ we felt like there was their weird convoluting and conflating what hey really wanted. And as we spent time working with customers and figuring out the jobs they were really trying to solve, this is what we think people are trying to do with blockchain.”

Nouriel Roubini is known in the virtual currency space as one of the main critics of cryptocurrencies. He several times said that Bitcoin (BTC) has no intrinsic value and that it is a bubble that will not last long. Mr. Nouriel Roubini is also known for predicting the market crash in 2008, before Bitcoin’s creation.

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