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It is a matter of derision that the present systems of centralized banking is driven into distributed, decentralized banking system. It is not with undue regard that we talk about the disruption of data monopoly, data breach and low efficient centralized set up by distributed credit on blockchain. However these present technological ventures like blockchain needs to be made fool proof, secure and efficient in its deputation. This is where SWIM or Scalable Weakly-consistent Infection-style process group Membership protocol, which is a network layer protocol comes handy.
The business model of Distributed Credit Chain or DCC is such that credit is decentralized mostly via P2P lending practices on the blockchain. Those who worry about investing in newly launched ICO’s and their Distributed Credit Chain need to be reminded that the technologies adherent to blockchain is inherently more advance in creating cost efficiency for its users by negating any need for a third party or institution through which exchanges happen.
Talking specifically about SWIM, a network layer which lets one move data into and through supplementary networks is submitted to a protocol such that what is transferred between the nodes is communicable in forms of gossip-style; such that contact occurs with low latency message transmission. SWIM to its core is focusing on resolving scalability issues, separating error detection and messaging. This sustains the interaction in a Distributed Credit Chain by allowing it what the inbuilt algorithms like PBFT (The Practical Byzantine Fault Tolerance Algorithm) promises, which is to attain scalability without delimiting the scope and functionality of contract implementation.
Then we can safely say that the initiation of current systems of centralized banking, without much ado into distributed banking system is redefining the contours on which we gazed upon the premieres of exchange set ups. If it is simply a measured and degenerating process of decentralization or a disruptive mechanism which altogether changes the face of the dictums with which we conceived the currency system is something for us to think about contemporarily. It is technological inputs like SWIM that lets us see how the world is maturing into a distributed banking system.
Nigitha John
Nigitha John is an avid research scholar from JNU, New Delhi. A detox machine for Philosophy, Literature and Arts, research becomes an adhesive for her. Having footed herself in Semantics, inter disciplinarily she has renovated interest in algorithms, semantic web and some such quasi-technological quasi-ecritural endeavours. As a person, she is strongly mellow and adamantly non-Art. Unorthodox; literature is soul. Not only is she in demand for the curious ability that she prospers to capture the essence of technology and development , it is also that, set as a milestone in her journey filled with intrigue, is the study of cryptocurrencies and blockchain. A stepping stone in this journey is her role at coinedict.
