Areas that may not be suitable for blockchain adoption
The blockchain is amazing, and it’s great for many, many industries such as banking, real estate, and logistics. However, there may also be some things that are not really suited to on chain usage. While there has been a mad rush to blockchain anything and everything in sight, there may be some areas where this may not be the best solution.
While an immutable ledger can be an excellent resource for confirming transactions or for verifying things in a fair manner, it’s not always applicable. In some regards it can be invasive or even dangerous to those involved. Watch out, because your crypto investments are cataloging you in ways that big brother only wishes he could.
While there have been many cryptocurrency based social media sites popping up, I do take issue with all of them for one very important reason. They do not offer any exit options for the users. While it may seem odd to demand privacy from a social media site, the fact is that once something is on chain it can not be deleted.
Has anyone every uploaded an embarrassing photo of you to Facebook? Have you ever said something that maybe you realized later that you shouldn’t? The blockchain sees and knows all, and it is never going away or being hidden.
Sorry in advance to the children of the future posting stupid things on cryptocurrency based social media that they will now have to live with forever. Be very careful what goes on your Steemit blog, your great grand children are going to read it.
Likewise, if someone has uploaded your work without consent, there is no way to take it down, and there is likely no way for creatives to be paid for their efforts. This is going to anger nearly anyone that makes a living off of copyrights in the near future as they find that their only source of revenue is freely available on the blockchain without their consent, and it will only create additional tension for crypto projects and more objectors to their existence.
Many projects are even working on ways to insert private data into the system as a universal identifier. While this all seems very convenient, it could also prove to be detrimental in the wrong hands. With the rise of online bullying and doxing, it would be possible for unsavory individuals to literally follow your entire life across the internet, and you might never be able to lose them.
There are a ton of coins working to fix the problems inherent with the blockchain in regards to privacy, but the fact is that they are all work around solutions. This technology will never be 100% private. There is always a chance that someone is going to be able to trace your wallet addresses, and it can give you an uneasy feeling to know that literally anyone can go to the explorer and see exactly how much money you have.
If you were to post this address publicly, this could quickly make you a target for theft. Especially if you are a public figure. Crypto old timers may see this as a non-issue, but mainstream users surely will want their assets shielded.
It’s very likely that in the future many different entities that we’re trying to protect this information from such as consumer giants, social media sites and even the government will find ways to unravel these barriers. Thus having a freely available source of data to harvest for themselves at any time that they wish.
In closing, while the prospect of this exciting new technology brings new advancements to many sectors, in the future, individuals may be fighting to keep this technology out of their private lives. While ironically, many believe that cryptocurrencies will bring them a greater degree of privacy in their financial lives, the truth is that the underlying technology may actually hinder it.
What’s more, is that anyone could use these services to permanently post your information for all to see. The right to be forgotten on the blockchain does not exist, and not even the content’s poster or the creators of the platforms will have the ability to remove it.