A network was launched in 2009. That network produced the digital currency Bitcoin, which apparently did not catch anyone’s attention. The recent cryptocurrencies are so much more popular than those days; but some people have this belief that the technology backing digital currencies should get all the credit, for that is the real innovation.
It has always been said that ‘Blockchain Technology’ will change the world and every industry will be touched by this technology. Blockchain will basically transform the entire supply chain, one block at a time: finance, the clothing industry, movies, music, food, and healthcare….just to mention a few.
What then is the issue? It is quite obvious: none of these networks are being used, and probably do not even exist. The worst thing is that they make us believe they can solve problems that have not found any solutions even with the age-old computer system.
Almost every blockchain have the concept of immutability. Those blockchain projects are misleading and can never be 100% immutable. Chris DeRose, the famous Bitcoin evangelist explained two years ago that “blockchain immutability is a perpetual motion claim.”
“While many have been caught up in the hype behind immutability, most of these claims will at best regress to the basic signing mechanisms that have been in place for decades, with little to differentiate their systems from incumbent message passing solutions.”
“On paper, immutability sounds nice, it seems to be a dubious proposition that some magically benevolent server will show up to perform this service. And certainly, blockchain will not make that benevolence any easier than it is with incumbent HTTP systems.”
The banks that were once against Bitcoin have now created distributed ledger technology (DLT) projects. There are so many private blockchain that were all created with the same aim: to wipe off public blockchain. But so far, we haven’t seen anything revolutionary and apparently no one is actually using DLT solutions, unless in the case of a ‘trial run’ showcased in fancy-worded wrapping paper and sent to publications like Forbes and Bloomberg.
Is it possible to criticize something you have never tried? I don’t think so. However, the practice has always been to embellish such blockchain projects with a nicely written piece.