Is blockchain real value or another buzzword scam?
It seems now a days we hear about the word blockchain left and right. As the cure to many things. With key argument behind blockchain being that:
"since it is a distributed database, among Millions of Nodes, rather than a centralized database in the hand of a Bank for example, that that makes it safer from being hacked since if one copy is hacked that does not matter since many other copies of it exist which have not so the unhacked copies will render the hack moot..." WHAT! For example a hacker would want your Credit Card information, and whether 1 Million other copies of the Blockchain DB are not hacked, the 1 copy that was hacked, puts your Credit Card info and any other private info in the hand of the bad guys. And how do we know that nodes in the blockchain are not Dictators, Mass murderess, etc.? that is who is regulating these nodes!
So given these facts dont you agree blockchain is another buzzword scam? Or what you think?
In January, a report from Accenture claimed blockchain technology could reduce infrastructure costs for eight of the world's 10 largest investment banks by an average of 30%, "translating to $8 billion to $12 billion in annual cost savings for those banks.
A chain is as strong as its weakest link. So when you spread a database among many Nodes, when these Nodes are obviously much weaker than say a Bank that has to go through Federal checks, then your Chain is going to have many weaker links. After all, the key reason behind blockchain that it protects you against unauthorized INSERT and DELETE, due to many Copies, but that does not protect you from COPY which is what Hackers want whether it is your Credit Card number, your email, etc..
There is as much Truth to blockchain, as much real to blockchain, as there was/is to flying Cars being parked in everyone's garage by now or self driving cars actually driving us around. Which means mainly Hype an buzzword.
BitCoin, blockchain are just the latest buzzword scams. In fact blockchain became a fad as value of BitCoin took off, since it is the underlying tech under BitCoin. Well Sort of. Even that is not really True. Anyway, as BitCoin will crash to less than 1 Cent, so will go blockchain down the toilet that it belongs too. And actually you have made some excellent examples of why blockchain is a bad chain. That is how do we know who the Nodes in a blockchain are and that they know how to run a secure server and/or will not just steal our Credit Card and Banking info themselves? So blockchain is just another joke on US 😡
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