Can We Have Faith for VCs, Corporatists, PR Firms and Banksters Headlines?
By the time 2015 begun, the term blockchain started to be associated with excitement, as several people believe the technology will make the financial world and everything in between transform. Bitcoin is commonly dismissed, even if it demonstrated to be a global solution contributing utility to a lot of people. However, for private blockchains, it still needs to show atleast some real uses cases that is outside a press release.
Private Blockchain Projects Proved To Be Good in Headline Making and Nothing Else.
You may have seen in the headline again and again reporting how a huge bank or corporation has used blockchain technology in conventional settlement or somewhat like of business service. Many companies like Microsoft, IBM, Visa, etc have concluded trials using versions that are privatized of distributed ledger technology.
It’s unfortunate however because that’s all you can see since the blockchain projects never give out statistics, charts, video or any true proof of these “real world” apps. Only a bunch of word salad is what you can achieve from the creators and executives of these projects, saying that blockchain will eventually revolutionize the world.
For example, as revealed by seven huge banks in Europe last summer, it announced a trade finance platform that is blockchain-based named fancily as Digital Trade Chain. Since the results of the trial pilot so far was successful as reported by the banks, the platform may launch any time this year.
Luc Gijsens of an International Market, KBC Group, explained that DTC trial that were successful depicts that blockchain technology tenders a lot of opportunities that they want to continuously test and develop. Importers and exporters, in accordance with the press release, were so thrilled that the technology is so easy to use as well as the process of clear transaction. DTC can be used on a mobile, tables or on a desktop as explained by the creators.
These media published “blockchain trials “ is so many in numbers that it could fill a whole big library. Beside the five hundred to eight hundred word-article of fumble, there’s no evidence primarily that these blockchain pilots did something - well unless we desire to accept their assurance for it.
The Bitcoin Protocol Provides Actual Proof and Has Real World Applications
At the present, the Bitcoin protocol however, has a considerable number of real world uses cases proven and real statistics every day. There are a lot of websites, charts, blockchain explorers, and more including everything that bitcoin does always.
There are good examples of use cases that are definite for people who utilize the benefits of bitcoin in at most a century globally. The Bitcoin blockchain nearly 6 trillion miles ahead of word salad statements and bank executives adores blockchain technology in a highlighted quote.
For instance where recently, Bitcoin announced that their projects on Github are now more than 10,000 and still grows continuosly. The hashrate is an astounding 3,451,438,901 GH/s which is measured by a lot of statistical data websites.
Application of statisticts can be done to the transaction count, volatility of the decentralized currency, node proliferation, mining difficulty and so on. The real world documentation list of Bitcoin blockchain is being recorded day by day and is available to the public any time.
Can We Have Faith for VCs, Corporatists, PR Firms and Banksters Headlines?
How can we be assured by these blockchains, which are made and tested secretly, have actually achieved anything? Especially knowing that most of them are being operated by those banks known to have manipulated and damaged the current financial system we are familiar of today.
Almost every one of the creators of the new blockchain project claim that their ‘inventions’ will cause obsoletion to the traditional trade finance, however these officials also wants to stay watchdogs in our economy. Their strategy are centralized as it is today, just with “blockchain” an additional buzz word bonus.
The fact is that these projects created by banks, VCs and corporations have not proven anything. Except for a fact that they want to keep on ruling the global economy and think that the constant use of the word blockchain can make people take them seriously.