Meanwhile, Bloomberg estimates the global size of the industry at about USD 700 million, or EUR 600 million (this was in 2018; according to Statista, the market was then USD 1.2 billion and reached 3 billion in 2020 – approx.
Large companies like IBM, Microsoft and Accenture have dedicated divisions for this technology. The Netherlands has all sorts of subsidies for blockchain innovation.
The only problem is that there is a huge chasm between promise and reality.
So far, it seems that blockchain looks best on PowerPoint slides. A Bloomberg study found that most blockchain projects do not go beyond the press release.
The Honduran government was about to move the land registry to blockchain. This plan was shelved. The Nasdaq exchange was also going to build a blockchain-based solution. Nothing yet. What about the Central Bank of the Netherlands? And again by! Of the 86,000+ blockchain projects launched, 92% had been abandoned by the end of 2017, according to consulting firm Deloitte.
Why do many projects fail? The enlightened – and therefore former – blockchain developer Mark van Cuijk says,
“You could use a forklift to lift a package of beer onto the kitchen table. It’s just not very effective. “
I will list several problems. First of all, this technology is contrary to EU legislation on the protection of private data, in particular, the right to digital oblivion. Once information enters the blockchain, it cannot be deleted. For example, there are links to child pornography on the Bitcoin blockchain. And they cannot be removed from there.
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- The miner, if desired, can add any text to the bitcoin blockchain. Alas, it can be links to child pornography and naked photos of exes. Read more: “A Quantitative Analysis of the Impact of Arbitrary Blockchain Content on Bitcoin” by Matzutt et al (2018).
Plus, the blockchain is not anonymous, but a “pseudonym”: each user is tied to a specific number, and anyone who can match the user’s name with this number will be able to trace the entire history of his operations. After all, the actions of each user in the blockchain are open to everyone.
For example, Hillary Clinton’s alleged email hackers were caught by matching their identities to Bitcoin transactions. Researchers at the University of Qatar have been able to quite accurately identify tens of thousands of Bitcoin users using social networking sites. Other researchers have shown how you can easily de-anonymize users using trackers on e-commerce sites.
The fact that no one is responsible for anything and all information on the blockchain is unchanged also means that any errors remain there forever. The bank can cancel the money transfer.
In the case of Bitcoin and other cryptocurrencies, this is not possible. So everything that has been stolen will remain stolen.
A huge number of hackers are constantly attacking cryptocurrency exchanges and users, and scammers launch “investment tools”, which in fact turn out to be financial pyramids.
By some estimates, nearly 15% of all bitcoins have been stolen at some point. But he was not yet 10 years old!
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