1/21/2024 0 Comments Google trends blockchainWhen a third-party commercial enterprise like blockchain creates a new way to value money, various dependent orders are challenged: Possibly lost in the fervid discussions of whether bitcoin will take over state-sponsored currency – or whether bitcoin and dogecoin are losing early backers – are the larger implications of blockchain technology itself. We think of that new order in terms of digital currencies (that are based on blockchain technologies) or newer encryption methods that use the blockchain to create greater security. is not new, and the associated movements – take NFTs for an example – are falling apart as quickly as they emerge.”īarry Chudakov, founder and principal at Sertain Research, said, “Blockchain constitutes a new underlying framework, a new order. Most of the hype about the metaverse, Web3, blockchain and etc. But by 2040 – based on current developments at and elsewhere – many properly engineered, reliable and trustworthy blockchain services will be widely used.”Ī researcher expert in automated decision-making and its societal impact commented, “I feel like we’re trapped in an endless, rapid and recursive hype cycle. Mike Liebhold, distinguished fellow, retired, at the Institute for the Future, wrote, “Currently, while blockchains are publicly visible indelible ledgers, all of the attached software, services and human practices tied to them are as vulnerable as any other digital systems. Identity is not the sort of thing that can be ‘owned’ by individuals, much less controlled.” It’s an uncomfortable truth but for the most part, identity is created not by us but by those who know us, name us, credential us. These ideas are fueled by false intuitions and supercharged by carefully selected political words like ‘sovereignty.’ Identity is actually not the sort of thing that anyone can be sovereign over. A blockchain crowdsources decision-making about the order of events there is nothing much in the nature of identity that can be crowdsourced, and even if a blockchain can play a part (such as letting people spawn and self-publish a unique decentralised identifier – DID) this is a tiny part of the problem space. Blockchain and identity are a heady mix, but it misses the essential aspect of identity being relational. “‘Self-sovereign identity’ is another notion (and little more than a notion) that comes into play here. But to think that this technology can be abstracted from the very simple problem space of electronic money to shift the power balance on a bigger stage is just wishful thinking. That’s fine – I grok that everything is political at some level. So blockchain is very political it chooses a solution pattern that is entirely politically motivated. Double-spending for e-cash is easily solved with an umpire, but e-cash diehards reject central banks, digital mints and the like. The ‘consensus’ reached by a blockchain is very limited it cannot be easily extrapolated to governance or voting, let alone whole-of-democracy as some writers lazily guessed. Blockchain was carefully designed to solve one very dry problem – double-spending – without an umpire. The blockchain-will-change-the-world set have never really grasped how mundane it is. I think it is based on a mythological status that is way out of line with actual blockchain experience. Steve Wilson, founder at Lockstep Consulting and a VP and principal analyst at Constellation Research focused on digital identity and privacy, said, “The identification of blockchain as being intrinsic to metaverse is frankly bizarre. Those contending ideas are represented in the back-and-forth found in the following collection of remarks. The impact of blockchain is an unknown.Blockchain is important to the future of internet transactions of all sorts, including those enabled by the metaverse.Blockchain is orthogonal or not related or a nonstarter when it comes to the metaverse. Some entrepreneurs who define Web3 as a packaging of the metaverse plus blockchain and NFTs are doing so to promote the monetization of emerging spaces and the creation of new business opportunities. This section gathers a selection of experts’ comments in regard to where blockchain might fit into the picture, if it fits at all.
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