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Has Blockchain Found a Use Beyond Crypto Trading? :

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of Bitcoin The boom has spawned new millionaires, beach parties and Lamborghini videos. The cryptocurrency crash has wreaked havoc on smaller investors and brought many companies into bankruptcy.

Blockchain technology has been hailed as a world-changing innovation that underpins cryptocurrencies, but does it have uses beyond creating speculative financial instruments?

AFP asked cryptocurrency commentator Stephen Diehl, author of the recently published “Popping the Crypto Bubble,” to apply the rules to some of the most popular claims about blockchain technology.

safer voting?

Amid the tension and turmoil in the United States after the 2020 election, billionaire Zhao Changpeng, founder of cryptocurrency company Binance, has made a proposal.

A “blockchain-based mobile voting app” means “no waiting for results or questioning their validity,” he tweeted.

Fellow crypto billionaire Vitalik Buterin said there were “significant challenges” but thought he was “100% right in the direction”. It was For Diehl, blockchain was more likely to cause problems than solve them.

“From an American perspective, every district operates its own voting program.” Because I have to let you.

“Centralizing the voting system in one digital place is pretty dangerous. Then you can destroy democracy just by destroying the blockchain.”

auto home purchase?

Blockchain is essentially a ledger and, according to fans, a secure, transparent, and permanent way to store transactions.

These qualities have led countless enthusiasts to suggest that the technology could virtually replace paper contracts such as buying a home.

Deal said it was “ridiculous” that blockchain “goes back to what was settled 1,000 years ago to justify its own existence.” It’s the system we’ve had since: land has a government register, and titles and deeds are transferred when ownership changes,” he said.

“Blockchain isn’t solving anything here.”

payment without bank?

of blockchain It emerged from a 2008 white paper on Bitcoin devised as an alternative to fiat currency.

The first line reads:

Bitcoin was the first cryptocurrency. There are currently over 10,000 people on various blockchains. Large companies are desperate to find ways to accept payments. Cipher.

Diehl pointed out that crypto assets are a speculative vehicle and not suitable for payment. “When was the last time you paid for your coffee with Apple stock?” he asked.

“It won’t happen. We want something stable, so the coffee price will be next week’s coffee price.”

supply chain tracking?

Want to know where your mangoes come from? Some supermarkets believe that having access to a blockchain-based system that allows them to be traced is the best way to go. Fruits of the tropics of Central America to your corner store.

Walmart and Carrefour are among the companies touting blockchain systems. Carrefour told AFP this year that shoppers will be able to scan her QR code to discover the provenance of an array of products.

Shops want blockchain to provide security, certainty and transparency. Deal pointed out that Digital Supply’s chain management has been around for years and is perfectly adequate without blockchain.

“Blockchain doesn’t add rottenness to the system,” he said, noting that supply chain people can lie just as easily on blockchain as on other platforms.

“Even if I had a carton of apples and reported that I put 100% on the truck, even if I scooped 50% for myself, blockchain would not prevent it.”

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