Decentralized networks may not always be the most efficient tools for certain tasks, but their open and permissionless nature brings about intense competition that ultimately benefits customers, according to Paul Brody from EY.
While centralized networks may offer better technical efficiency, the lack of competition in these closed systems can lead to a lack of innovation and customer-centric solutions. On the other hand, decentralized networks foster competition among participants, driving them to constantly improve and innovate to attract and retain users.
By leveraging the power of decentralized networks, businesses can tap into a global pool of resources and talent, leading to more diverse and innovative solutions. Additionally, the transparent and secure nature of these networks can help build trust among users, further enhancing the customer experience.
Overall, while decentralized networks may not always be the most efficient option, their competitive and customer-centric nature makes them a valuable tool for businesses looking to stay ahead in today’s rapidly evolving digital landscape.
