Bitcoin and cryptocurrencies often undermine the development of blockchain technology for productive applications. It is time for the illusion of rich cryptocurrencies and the productive use of this technology.
One expert recently stated that “the suspicion of the value of the blockchain may stem from the uneasiness of its connection to Bitcoin and other virtual currencies (called cryptocurrencies).â€
The Global Interbank Financial Telecommunication Association handled more than half of the high-value cross-border payments and, after testing the blockchain technology recently, concluded that “the technology is not yet ready for mainstream applicationsâ€.
SWIFT added: " Further progress is needed before [blockchain] is ready to support production-level applications in a large-scale mission-critical global infrastructure."
The cryptocurrency promoter's “get rich quick†program has reinforced doubts about blockchain technology, also known as distributed ledger technology.
Once some practical limitations of DLT are overcome, focusing on cryptocurrencies will shift attention to the actual content and potential of the DLT. This potential includes minimizing fraud, ensuring data accuracy, speeding up transactions and reducing the cost of running DLT systems.
While cryptocurrencies rely on blockchain technology to minimize fraud, in reality, massive theft of cryptocurrencies is fraudulent, a serious persistent problem.
It is speculated that cryptocurrency fraud is prevented or at least minimized by multiple independent parties processing the same transaction in parallel; that is, new transactions are added by "blocks" of existing collections or transactions in each direction.
The creation and maintenance of these independent records, a chain of ownership, makes it impossible to change the ownership chain by subsequently processing the transaction data in several separate DLT databases.
However, cryptocurrency fraud occurs at the exchange where the electronic wallet holding the cryptocurrency purchased at the exchange is subsequently stolen by computer hackers. It turns out that restoring stolen property is very challenging.
Text Application for Blockchain Technology - Adding new transactions to a group or set of previous transactions that affect discrete projects and the encryption and multiple copying of blocks that have just been updated does not prevent erroneous data from being entered into the block, making it No value.
There is no subsequent data replication or blockchain consensus that corrects the problem - it can only be resolved by entering a corrected transaction.
Pursuit of accuracy strongly suggests that central authorities or regulatory agencies must monitor the specific application of DLT in a “licensed†environment, using pre-agreed rules and procedures to ensure accurate entry of transaction data into DTL ledgers and correct data entry in a timely manner Errors and overall data integrity.
Only those who agree to function as defined by the DLT can be authorized to enter data into and/or access a database supervised by the management.
Replicating Data Blocks with Independent Processors - Many cryptocurrency mining processes - Ensure that the exact processing of transactions in the database is rapidly decremented as the number of replications increases.
More specifically, the third, fourth, or fifth copy of a new transaction entry is likely to show a processing error or a first or second copy of the uncaught fraud data, but each additional copy and consistency check Personal transactions that may slow down processing speed while increasing costs.
It's hard to imagine why a computer needs to duplicate two or more transaction data to process a transaction on a geographically dispersed ledger to ensure 100% transaction accuracy.
The practical application of DLT will only occur if it is economically justified. If an application minimizes the possibility of fraud and is highly accurate and fast at the time of executing a transaction, if it is operating at a higher cost than another, less mature technology, the application will not be implemented. .
An unfortunate aspect of cryptocurrency is that the actual cost of maintaining cryptocurrency operations is not obvious by highly repetitive processing of cryptocurrency transactions.
These costs - electricity, computer chips and other hardware and highly skilled labor - are masked by the extra cryptocurrency coins created by the cryptocurrency "miners" by dealing with transactions in specific cryptocurrencies. Then they sell these coins to pay for the costs and make a profit. These miners gamble every day and they earn at least their expenses.
Recent news articles have raised concerns about the large amount of electricity used by encrypted miners, whose negative environmental consequences, their strong demand for computer processing chips, may even drag US productivity.
The continued decline in the price of encrypted electronic money, coupled with the increased resource consumption of each additional coin created, raises the question: How long will cryptocurrency gambling continue to be for encrypted miners?
This problem suggests that the viable long-term application of DLT cannot rely on the constant appreciation of the price of the ethereal “currencyâ€, which has no intrinsic value and has very limited utility as real money.
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