Private Blockchains a 'Race to the Bottom' Without Open Base, Ethereum Advocate Warns

Ethereum advocate Raman has cautioned that Wall Street's growing preference for private, permissioned blockchain networks is fundamentally flawed. Speaking to CoinDesk, Raman argued that centrally controlled systems undermine the core value proposition of blockchain technology. While acknowledging that permissioned networks have a legitimate role in finance, he stressed they must be built on a transparent and open foundation to deliver real benefits. Without that open base layer, he warned, the trend amounts to a 'race to the bottom' that strips away what makes blockchain meaningful.