Debesh Choudhury

4 years ago · 3 min. reading time · ~10 ·

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Is Blockchain Siphoning off Resources of the World?

Is Blockchain Siphoning off Resources of the World?

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Blockchain is an open source innovation and shows potential for diverse applications

Blockchain is an open source innovation and shows potential for a variety of applications. That is the reason why the Linux Foundation started the Hyperledger project supported by big tech companies such as IBM. But blockchain is yet to deliver a real application for the common mass.

Blockchain received tremendous attention in the arena of technology driven business

Nine years trifled away since the first and the seminal paper on Bitcoin was published under a pseudo name. The word "Blockchain" received tremendous attention in the arena of technology driven business. The price tag of Bitcoin rose very high in 2017 and is crashing down faster than expected in 2018.

Almost every tech company, big or small, put some steps towards embracing blockchain

Almost every tech company, big or small, put some steps towards embracing blockchain. Amazon obtained many domain names associated with blockchain or digital coin. Kodak started their own digital coin which helped boosting their share price. The Reserve Bank of India, the top government body of financial matters in India, also believed to have implemented an experiment on blockchain.

Even a small tutorial college is after blockchain and is investing huge funds

A small tutorial college in our locality whose sole business is imparting training to students for job oriented competitive examinations, has partnered with a blockchain startup for delivering certificates to their students anonymously. This is not a necessity to improve their service but it is a "smart" move. On the way they waste a huge amount of funds, which they could have utilized to improve the teaching facilities.

The global electrical energy consumption by digital coin transactions everyday is very high

The blockchain based coin transactions burn a huge amount of the useful electrical power of the world. The electrical power consumed for each Bitcoin transaction can power an US home for an entire week. The global electrical energy consumption by digital coin transactions everyday is huge.

The Bitcoin Energy Consumption Index tracker puts Bitcoin’s 2017 estimated annual energy use at almost 32 terawatt-hours, approximately equivalent to Serbia’s yearly electricity consumption and more than at least 159 other countries, including Ireland and most countries in Africa.

Recently researchers found that privacy is not protected in the Bitcoin wallets

We read news of stealing of digital coins from the digital wallets or the so-called Bitcoin wallets. Recently researchers found that privacy is not protected in the Bitcoin wallets. They show how easy it is to access Bitcoin funds and divert them into a different account.

A digital currency theft is reported Japan losing about $534m worth cryptocurencies

The breaking news exposes the vulnerability of Bitcoin and blockchain. One of Japan’s largest digital currency exchange Coincheck has admitted that it has lost some $534m (£380m) worth of virtual assets in a hacking attack on its network.

Is blockchain hackers' paradise?

Since blockchain is completely decentralized and there is no central authority, so there is no way to track who has done which digital transactions. What interpretation one can make? Can we think that blockchain is a hackers' paradise? We won't be completely wrong.

Is blockchain siphoning off the world resources?

But the research studies will continue to improve the technology and fix the loop holes. On the way, a few people will be phenomenally richer and many people will be losing their investments. The world would be deprived of a vast amount of energy which would be siphoned off for solving the algorithmic problem of blockchain.


Here are some other posts I authored:

In June 2015, Dr. Jeffrey Strickland and I founded a new LinkedIn Group called "The Unfluencers". To learn about the history of "The Unfluencers" please read the seminal LinkedIn article by Dr. Jeffrey Strickland entitled -- "Who are the Unfluencers". This group is an open group. You are welcome to join this group and engage yourself in the discussions. The Unfluencerᵀᴹ Logo is a registered trademark of Dr. Jeffrey Strickland.

Text Copyright 2018 Debesh Choudhury All Rights Reserved 

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Debesh Choudhury is an academician and researcher. He is interested in the science and engineering of optics and electronics. He uses GNU/Linux, Free and Open Source Software for all his works related to computers, be it educational or entertainment, professional or personal.

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Comments

Debesh Choudhury

4 years ago #11

#12
Thanks a lot Savvy Raj for joining the discussion .. Blockchain is affecting the world badly by eating up enormous amount of electrical energy.

Debesh Choudhury

4 years ago #10

#6
Thanks a lot Javier \ud83d\udc1d beBee for taking bold steps and adopting most modern technologies. Wish to see beBee shine with an improved interface in the coming days.

Debesh Choudhury

4 years ago #9

#5
Thanks a lot Ali \ud83d\udc1d Anani, Brand Ambassador @beBee .. People are after it to remain relevant and "smart" in the tech business, and the investors are expecting huge and quick gain.

Debesh Choudhury

4 years ago #8

#2
I agree with you @Zacharias 🐝 Voulgaris .. Blockchain is a 9 years old baby reading in the elementary school .. Chances remain to see it prosper or to become a spoiled adult.

Debesh Choudhury

4 years ago #7

#1
Thanks a lot Pascal Derrien for recognizing the negative impact pointed out in this post
Thanks Debesh Choudhury all new disruptive technologies need to improve :-). I am a Blockchain enthusiast ! 6 Reasons Why Blockchain Will Change The World https://www.bebee.com/producer/@juan-imaz/6-reasons-why-blockchain-will-change-the-world We should give the power back to the user https://www.bebee.com/producer/@javierbebee/we-should-give-the-power-back-to-the-user

Ali Anani

4 years ago #5

Vulnerability to risk is high as shown by the losses of Japan. Wonder why people still using it!

Bill Stankiewicz

4 years ago #4

COOl, really Cool Buzz, now trending at the Unversties

Bill Stankiewicz

4 years ago #3

Cool Buzz

Zacharias 🐝 Voulgaris

4 years ago #2

Although cryptocurrencies have failed to delivered anything of real value to the average person, the technology may still be promising to some extent. However, as people who are both knowledgeable enough to understand it and willing enough to do something with it, don't correlate strongly with the average down-to-earth business person, blockchain circles are full of people who have more ignorance on business matters, than anything else. For these people some short-term gain is the best they can aspire to, hence this infatuation with various cryptocurrencies that we observe today. Let's not throw away the baby with the water just yet, though, since blockchain may deliver something more sustainable if enough level-headed people become involved.

Pascal Derrien

4 years ago #1

At last an article not trumpeting the usual and predictable spin on this topic thanks for that Debesh Choudhury

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