Blockchain and Crypto State and Development - Self Reflections

Hi.

👉 You, me, we are alive in the blockchain already positioned ourselves and breathing daily in #hive! Before I get to the subject, here is what I want you to know: Generally speaking, we need a blockchain that provides proof of work and a global network that can't be cheated by attacks like 51% in which miners control more than 50% of the hash rate is totally useless ... We don't have to trust in a blockchain that looks like it's just a distributed database that can be altered at any time by players in control. This blockchain thing created by software companies is just a trivialization of a brilliant idea. These are my thoughts lately.

It's been about one month since I've joined Hive I think. My main purpose of being here was to understand the blockchain by learning as much as I can about it, with the time that I have, finding some spare minutes and luxury hours to post, read, forgive me for not curating/voting yet. My mother and my siblings also need me.

But here it is: sometimes my mind becomes chaos, spinning questions and answers related to the blockchain and crypto.

Will we have a global financial crisis by 2024-2025?
Will they put all the blame on the blockchain and crypto?

Thoughts...stay with me for a bit, please.

I'm trying to make some light and to offer some information at the same time. And I know most of you live by the HODL philosophy so patience is one of your main virtues.

source

Crypto-blockchain magic and data control in Europe. My readings...I told you that I try to read as much as possible.

It can be said that what we have today is exceptional, especially in terms of development, and so is the blockchain, a technology that, apparently, can be used for anything and, for now, is not widely used everywhere. An example could be that, in April, a project for Romania was announced through which the eggs are being monitored through the blockchain before reaching the store. 🐣 But who am I to say this isn't a brilliant idea?

WTF? Right! The technology is used to store information such as the location and name of the farm or farmer, veterinary information about the hens from which the eggs came, what they were fed, how the birds were raised, the date of packaging, and other details that complete the product traceability. Is it possibly more than that? Surely.

Until now, every new technology (or major iteration) took almost a decade to be widely adopted. This is what happened to the internet, which took root only after the .com bubble in the late 1990s, as was the case with smartphones whose adoption has increased rapidly since 2017 (not on their own, but especially through implementations software in which to be integrated).

Blockchain is already in its second decade (2008 is a kind of year of birth) and some applications have already appeared that are based on this technology. I set the example with eggs and it is perhaps the best to ensure mass adoption. And Kaspersky came up with the proposal called Polys: an electronic voting system, secure and easy to monitor in real-time. It has even gained more and more traction in the last year, amid restrictions.

Maybe a global fact:

Cryptocurrencies were the ones that took the word "blockchain" out of a highly specialized IT sphere and made it known to the whole world. Hence the confusion between the two elements, blockchain, and cryptocurrencies. The solution initially developed overshadowed the technology itself, in my opinion.

LOL. The situation is very similar to that of the ‘90s, when a very large segment of the population did not understand the concept of the internet and confused it with the most popular use case: e-mail.

Blockchain Rooting/Grounding Itself in RL Scenarios- Niches

Due to the increased degree of flexibility and its properties beneficial to the business environment, blockchain can transform a wide range of fields of activity: retail, tourism, cyber security, real estate industry, supply chain industry, education, and more.

2021 Blockchain FinTech Paradigm Shift Started

This is what I've seen this year, many financial shifts worldwide, adopting or suppressing crypto and the use of blockchain. Not surprisingly, more and more banking "players" are rapidly embracing blockchain technology to reinvent their outdated systems and procedures, increase database and transaction security, increase speed, and save a lot of money. while providing customers with superior services.

Health and the Blockchain

The medical system can be another huge industry to be helped by the blockchain. I think globally and I think that this industry is sometimes affected by inefficiencies, errors, bureaucracy, and high administrative costs. But from managing patient data to tracking drugs through the supply chain, the blockchain could solve some of the biggest problems in the medical industry. Moreover, it can also solve the problem of compliance with international laws aimed at the protection of personal data, interoperability, speed, data confidentiality, and security issues. Blockchain can restructure the health system, bringing patients to the center of the medical ecosystem, giving them control over data.

Thanks to its suite of features, blockchain can become an invisible infrastructure that protects digital information and ensures absolute authenticity. It can become an ideal foundation for many industries and business environments.

Remember what I wrote at the beginning of this article?

I think that a 51% attack is impossible to do if the network is big enough. As with Bitcoin, for example, attacking 51% means consuming large amounts of energy. The price one pays on proof of stake is a result of centralization, whoever has many coins will have even more coins because they receive fees from the network.

Gonna stop now and get back to work. My break is over.

Thanks for reading! Zpek for any hiver who stops by

Ladies and Gents, Cheers to us being here on Hive now in a perfect timing!