Blockchain Has Lots of Potential — And Potential Problems
by Josh Anderson
NORTH CHARLESTON, SOUTH CAROLINA — Blockchain data centers are pushing the envelope, and that means that they’re setting new standards. At CapRE’s Southeast Data Center Spring 2018 Update, we invited Allan Williamson, Principal of At Home Crypto LLC and Nathan Porter, Partner at Cryptos Managed, to offer insight into what blockchain and crypto-currencies will mean for future data center design, construction, and development. Toward the end of the session, a member of the audience asked engaged with the panelists to find out more about the controversial aspects of crypto-currency, focusing on what might happen if illicit information was uploaded to a blockchain. Below is a snippet of that conversation.
Audience Question: Will the market require that crypto-miners address these problems, in order for it to become a common practice to use blockchain technology?
Porter: If it really is a problem, the fact that Block 1234567 has, say, [illicit data] on it, but no one ever actually goes to see it and it’s not ever actually accessed, then I’m not sure that the problem exists in that circumstance. Now, if people were accessing it all of the time and this becomes the new way to spread that type of information, then absolutely, it will have to be addressed.
But the way that I think it will be addressed is that you’ll take something like Monero for example, and you’ll probably fork it and the fork protocol would have whatever necessary safeguards would be in place to prevent whatever that is from happening. or to better monitor it so that that specific content could be somehow be removed or, like the government does, “blacked over” so that it’s not out of the blockchain, but it’s at least covered up.
Williamson: I do recommend that people become educated. It’s good that you’re reading some of those articles. Then talk to your legislators and to others that are not aware of these kinds of problems with this. It’s still such a new technology that you’ve got to do your own education. Then educate other people about these kinds of problems. Because there are so many benefits to the blockchain technology, especially right now, when it’s new and it’s becoming so popular and it’s becoming kind of an investment vehicle for people.
So do your own investment. Advise other people smartly though. One of the things, again, that is a nefarious thing people can do, is scams. There are scams out there people are getting involved in. I was speaking to this guy recently who was all excited that he was making money off of this specific XRP coin, and I told him it was a scan. That’s a centralized environment. He said It’s a scam I’m going to make money from!
One thing that really bothered me is that you have people in third world countries where the Venezuelan dollar for example is worth nothing. They see us spending $2 or $3 investing in a specific coping, and I know that’s a scam, but people in other countries see that $2 and think that that could make their kids’ lives better. It could give them more food. They still think they can invest and make some money. So that’s a piece where we need to educate ourselves and educate others.
And by educating others we can truly make the world a better place. Especially in these third world locations where it’s easier to send someone bitcoin for food rather than the Venezuelan dollar.
Check out previous CapRE Insider Reports covering earlier remarks by Porter and Williamson:
- Blockchain Transforming Network “Tree” Architecture to “Spine and Leaf” Configuration — But Not as Quickly As Expected
- There’s Not Just One Type of Crypto-Mining — What Kind Does Your Data Center Need?
- At Home Crypto’s Allan Williamson Talks the Future of Blockchain Data Centers
- Will Blockchain Mining Pools Operate as Decentralized Data Centers?
- Is the Southeast Ready for Blockchain Data Centers?
Banner Photo Left: Nathan Porter, Partner, Cryptos Managed