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Is Blockchain failing?

Webinar 09.12.2022

Maersk stops blockchain, Bitcoin often illegal, Tim Berners-Lee against Web3, Twitter allows lies, Google punishes lies.

Maersk stops the Blockchain

Logistics, crypto, land registers and insurance are the blockchain classics. But there is more criticism of the decentralized database technology. It can work in the logistics industry, sure! But it has high energy costs, and the technology is not commercially viable and stopped the project
What do we learn as a company? try and evaluate the new techniques, evaluation is important.

Bitcoins are often illegal

Bitcoin and Ethereum are the winners of blockchain, however, the European bank announced that these transactions are rarely legal, they go through platforms like FTX and Binance who were worth 25 billion USD and now they failed. Investors say that 0.15% of crypto are criminal while in traditional currencies, it’s 5% illegal.
What do you learn as a company? be cautious with everything that is built on speculations without counter value.

Tim Berners Lee is against Web3

The World Wide Web father Tim Berners Lee criticised Web3 technology as blockchain protocols are slow, expensive and public, while classic data storage is fast cheap and private. The Web3’s advantage is that it is free as opposed to gated walls like Amazon, Google, Facebook and Microsoft, who try to capture people within their ecosystem, while with Web3, people can be active and make money in a network environment.
What do we learn as companies? break down data silos within you company and strengthen user rights for data protection. Give users the possibility to say no I don’t want my data in your database.

Twitter allows lying

Twitter reversed a rule introduced 2020 when Covid was spread and there were rules against the spread of false data and misinformation about the virus. At that time 100k posts were removed, and 11k accounts were suspended, all this stopped last week. Now you can write anything and no one controls anything.
What does it mean for companies? Be cautious with your advertising environment, and decide whether you want to advertise in these environments.

Google punishes lies

At the same time Twitter stops fighting misinformation, Google’s subsidiary Jigsaw are working on preventing any manipulation attempts, they launched a technique called pre-bunking, to show how information are false, like giving a vaccine with a small dose of the medicine to prevent the disease.
The technology is open source developed with Cambridge University and BBC. They already started analyzing many false information campaigns, in the war in Ukraine, they found more than 1600 cases of misinformation, and countered them with research and analysis.
What do we learn as companies? Tech development is better than government bans, in addition to helping get the right information on the internet.

Torsten Schwarz
Absolit Consulting

Torsten is author of 25 books and one of Germany's leading digital marketing experts. He is keynote speaker and giving seminars and workshops.