Friday, May 18, 2018

Embracing Blockchain or Crypto? Confused?

Yesterday's post didn't give you a hard-on? (You ought to read that first). Maybe today's will.





WTF am I looking at again GMGH?

You're looking at the French Finance Minister admit that he was skeptical about crypto a year about, but after understanding it, he's hot for it and wants to make France crypto friendly. Ain't that interesting?

Over in Russia, Sberbank just did their first blockchain based commercial bond transaction - something that Singapore's Project Ubin is trying to do in their Phase 3.

The infamous JP Morgan whose Jamie Dimon has shat on crypto publicly, now has a platform that uses blockchain technology for securities transactions.

Our dear friends in Europe who have recently gone crypto crazy, Malta is implementing blockchain technology to improve its public transport system.

So that's the good news so far.

What's the bad news?

Blockchain is NOT cryptocurrency.


What's the difference? I made a post about the terminologies here. You should read it.

Governments and companies and banks embracing BLOCKCHAIN technology are understanding the importance of data integrity and making them tamperproof.

However, these improved DATABASES are still vulnerable because they are not distributed.

Hence, the other "corporate-fied" term, which is distributed ledger technology (DLT) - having multiple databases so you don't get screwed by any single database mulfunctioning.

To be honest, it's not a bad thing for blockchain technology to be embraced. A lot of documentation and digital trails can and should be secured using blockchain technology. But by no means does this mean that the price of Bitcoin or other cryptos will go up.

Eventually though, some people, corporations and perhaps even governments will see and understand the importantance of not only blockchain technology (immutable, tamper-proof data), distributed ledger technology (which has redundancy and resistance to single point of failure), but that it is also public (free from top down manipulation and accessible to all).

Until that happens, don't get too excited when you hear governments and companies embracing blockchain technology.

I purposely did this post back to back with yesterday's post so that you can compare and contrast the different news.

On the surface, both seems bullish for crypto, doesn't it?

After my post today, maybe you'd understand why only yesterday's news is bullish, and today's news is just sort of interesting.

2 comments:

  1. "free from top down manipulation"

    That's a big problem with BTC at the moment, imo. I is heavy manipulated by whales. You can see this right now (and the last few weeks) on the BTC price chart. There are coming every day two big spikes from a whale to push and hold the price above 8k.

    I don't know what happens if everyone find out, that the BTC price is not real at the moment.

    ReplyDelete
  2. The japan bank does not have any exposure to crypto since it is only providing custodian services. It is also just interesting news to me.

    ReplyDelete

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