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Addressing the Crypto Crisis

August 21, 2018

 

This year has not been easy for Crypto investors. On the heels of what was most likely the industry’s most successful year, has come what has most likely been the industry’s most uncertain year.

 

HODLing has never been more attractive.

 

Even so, HODLing will not pull us out of the rut that 2018 has gotten us into. Michael Casey’s most recent article on addressing the holes in the Blockchain industry  raises some interesting points on this topic.

 

Through a brief criticism of some of Crypto’s flawed trends like “waiting for the moon,” and “focusing on Lambos,” Casey comes to a specific conclusion. In short, he states that the greater focus of the industry should shift to better educating the world on the use cases that Blockchain projects can offer as well as might be able to offer in the future.

 

Inside of this discussion, Casey makes a suggestion that will be controversial to some and yet completely reasonable to others. Perhaps, we should put more faith in private, enterprise-grade blockchains.

 

At this point, a logical question is, of course, what type of project does this refer to?

 

Typically, private blockchains are specifically tailored for individual companies and are named in this way because they can only be accessed by the companies that they are made for as well as usually, the development teams that created them.

 

While Casey is correct that many Crypto purists would dismiss these solutions as being against the original tenets of the space like censorship resistance, it is a shaky conclusion to make when he suggests that, “private,” or “permissioned” solutions bring no long term value.

 

With the way that the business world works now, privacy is immensely valued and beyond this, as a multitude of experts are already proclaiming, it appears clear that data is the new oil. In other words, data is becoming the most valuable resource that a business holds.

 

When we take this as a foundational truth, then we can also conclude that to keep said data safe, businesses need a solution like the Blockchain, which was originally made  put data back into the hands of the individual.

 

Despite the fact that treating businesses like individuals is not in line with Satoshi’s original vision, businesses are also not ready for individuals to completely take the power of data away from them.

 

Furthermore, if we do not involve businesses and their technological needs in the growth of the industry, then it is logical to wonder “when plateau?” Will the Blockchain space even succeed without letting businesses have a say?

 

All in all, businesses need to protect their data and even based on the simple fact that a Blockchain is a distributed network of servers, it can be said to enable businesses to do so in a more efficient way than other solutions.

 

Perhaps to address this year’s crisis, we should not only work harder on educating the public, but also work harder on figuring out how we can keep Satoshi’s original vision while being realistic about the industry’s future at the same time.

 

 

By: BGN Editorial Staff

 

 

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