Blockchain is not the technology of the future
You've probably heard everyone talking about blockchain right? You've probably heard everyone saying how blockchain is the future for just about every single application in the world. You've probably heard how blockchain isn't just for financial transactions, but how it can be used for storing medical records, concluding binding agreements, tracking the flow of goods, storing personal credit records, tracking the provenance of artwork, verifying payments, and much more.
Well all that is true, blockchain can be used for several different things. But is it secure? Absolutely not.
It's expected that by the end of 2024, corporations will spend $20 billion USD a year on blockchain based solutions, but how is it possible for so many corporations to spend so much money on an insecure product? Simple. Very few people truly know or understand what blockchain is. It's the corporate IT buzzword of the moment. People hear about it a lot so they automatically assume it's good.
Why is it so bad?
To understand what makes blockchain so terrible, we can use a well known example - Bitcoin. Bitcoin is an unstable cryptocurrency built on blockchain and many people have dedicated their lives to profiting from it. But there are some drawbacks that are very well known:
Instability - It's an incredibly unstable investment
No Recovery - If you loose your Bitcoin wallet your money is gone forever
It's Public - the blockchain ledger is completely public meaning anyone can view transactions
Expensive- It requires a huge, uneconomical amount of computing power.
Those four points aren't unique to bitcoin, they're unique to blockchain. So how can we be expected to operate our business securely on a platform that is so unstable, has no recovery whatsoever, is completely open to the world and costs a fortune to power?
You are being misled.
Blockchain is a gold mine for consultancy firms who are profiting on a lack of knowledge. Not only can they sell you their time, they can sell you their software, hardware and support packages for when it ultimately goes wrong.
Do not believe blockchain cyber security firms - they are out to make money from you.
Do not believe articles you read on tech websites, blogs or magazines. Many of these articles appear journalistic but are in fact funded by companies out to profit from blockchain.
Do not believe blockchain is the way forward for your business - explore all options and alternatives.
We have developed and patented a unique dual layer encryption technology, that is built on techniques employed in cyber security applications for decades. Our technology is proven, established and secured by design using real world planning.
Our encryption technology isn't built on anything new - it's built on a cryptography that has been trusted by businesses across the world before computers found their way into the household.
Save blockchain for bitcoin.
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