In the space of the last few months, Cryptocurrency and Blockchain technology have shifted into mainstream investment. Driven largely by the meteoric rise in the price of Bitcoin. The market capitalization of the cryptocurrency has reached a high of more than $100 Billion.
“(IMF) Chief Christine Lagarde said crypto markets should be regulated by the same laws that apply to traditional markets”
So what factors call them “Dark side of Blockchain”,
- Inflation Proof
- An incredibly secure store value
- Not traceable for most of the part ( out of censorship)
These are some of the factors which are Dark side and obvious Good.
As blockchain is decentralized, anonymous which means Blockchain-based tokens/ coins don’t need for a central bank, which increases the use of money laundering and financing terrorism. Dark market place such as Alphabay, French Connections, and many others had more than $1 Billion exchanged each through crypto on their platform.
“No country can handle this challenge alone, since Crypto-technology has no borders, no bank control them”
Since the crypto role is un-controllable it should be used by a weak economy to strengthen its currency. Since the last few months, Ethereum Blockchain adoption has significantly increased which makes regulators tighten up the startup funding network.
Biggest Pro of Blockchain technology is that it reduces the transaction cost between two parties and the network is not controlled by users not by any company or organization. The identity component of blockchain technology is fulfilled through the use of cryptographic keys, combining public and private keys creates a strong digital identity. The feature of Blockchain database is that it has a history of itself because of this they are often called immutable. The first technology which can deliver massive transparency for the first time, According to Deloitte the bitcoin blockchain miners are attempting 450 thousand trillion mathematical solutions, the only technology which is capable to keep only useful data and left are shifted outside if not in use.
Blockchain application offers a solution that requires significant changes to or complete replacement of existing systems, companies that want to switch will need to consider strategies