These days, it’s not a shared drill that’s redefining trust and supplanting institutional intermediaries; it’s the blockchain. Botsman now says that the blockchain is the next step in shifting trust from institutions to strangers. “Even though most people barely know what the blockchain is, a decade or so from now, it will be like the internet,” she writes. “We’ll wonder how society ever functioned without it.”
The ambitious promises all sound very familiar.
It’s hard enough to get enterprises that compete with each other to work together as a team, but it’s especially tricky when one of those rivals owns the team.Shipping giant Maersk and tech provider IBM are wrestling with this problem with TradeLens, their distributed ledger technology (DLT) platform for supply chains.Some 10 months ago, the project was spun off from Maersk (the largest container shipping company on the planet) into a joint venture with IBM. But in that time the network has enticed only one other carrier onto the platform: Pacific International Lines (PIL), one of eight shipping lines in Asia and 17th in the world based on cargo volumes.As those involved admit, that’s not enough.
Source: IBM and Maersk Struggle to Sign Partners to Shipping Blockchain – CoinDesk
Blockchain has been wildly mis-sold, but underneath it is a database with performance and scalability issues and a lot of baggage. Any claim made for blockchain could be made for databases, or simply publishing contractual or transactional data gathered in another form.Its adoption by non-technical advocates is faith-based, with vendors’ and consultants’ claims being taken at face value, as Eddie Hughes MP (Con, Walsall North) cheerfully confessed to the FT recently.”I’m just a Brummie bloke who kept hearing about blockchain, read a bit about it, and thought: this is interesting stuff. So I came up with this idea: blockchain for Bloxwich,” said Hughes.As with every bubble, whether it’s Tulip Mania or the Californian Gold Rush, most investors lose their shirts while a fortune is being made by associated services – the advisors and marketeers can bank their cash, even if there’s no gold in the river.For example, Fujitsu offers fast-track consulting services starting at £9,900 to tell you if blockchain is appropriate for your project (that’s something we can confidently tell you for nothing: no, it isn’t).And the magic B-word enabled doomed tech quango Digital Catapult to conduct a Houdini-like escape.Now that’s magic.A modest proposalPerhaps technology consultancy and marketing should be as tightly regulated as financial consultancy, where mis-selling can (in theory) lead to a lifetime ban from the industry, something the US Securities and Exchange Commission can do for people who violate securities law, like Michael Milken.
Source: Blockchain study finds 0.00% success rate and vendors don’t call back when asked for evidence • The Register
Private Blockchains Occupy Uncertain Area Under EU GDPR Privacy Regulations
A new study that was undertaken by Queen Mary University of London and the University of Cambridge, UK, came to some interesting conclusions about how blockchain could fit into the EU’s complex regulatory structure.
Source: Private Blockchains: Uncertain Area Under EU GDPR Privacy Regulations
Still, a problem remains: People don’t buy into blockchain applications unless they can make money. There is no evidence that people want to use it to “fix” journalism. There is also no evidence that anyone really understands how that would even work.
For now, Civil is essentially just another media operation with venture capital funding. The money underwriting it, from ConsenSys, remains, you know, regular money. The company uses some blockchain technology underneath the hood, including a plugin for its publishing software. But the technology remains difficult to comprehend, and, for any news consumer’s purpose, irrelevant.
They seem not to notice the pattern: decentralized technology alone does not guarantee decentralized outcomes. When centralization arises elsewhere in an apparently decentralized system, it comes as a surprise or simply goes ignored.
In a time of vulnerability, crypto investors are moving to Puerto Rico, attracted by lucrative tax incentives. They plan to regenerate the island using blockchain technology. But not all of the locals support their bold plans
Source: The perfect storm: building a crypto-utopia in Puerto Rico – video | US news | The Guardian
You actually see it over and over again. Blockchain systems are supposed to be more trustworthy, but in fact they are the least trustworthy systems in the world. Today, in less than a decade, three successive top bitcoin exchanges have been hacked, another is accused of insider trading, the demonstration-project DAO smart contract got drained, crypto price swings are ten times those of the world’s most mismanaged currencies, and bitcoin, the “killer app” of crypto transparency, is almost certainly artificially propped up by fake transactions involving billions of literally imaginary dollars.
Source: Blockchain is not only crappy technology but a bad vision for the future