Blockchain 5.0 and DLT: a mirage, or, really, a technological panacea?

In 2009, a network that produced the Bitcoin digital currency was launched and virtually nobody found out. Today, cryptocurrencies are much more popular than at that time. Even, there are those who affirm that the technology "that drives" the digital currencies represents the true innovation.

The media repeats it over and over again, that the Blockchain Technology will revolutionize the world and that each industry will be affected by this remarkable software. Supposedly, the chain of blocks will transform finance, the clothing industry, movies, music, food, medical care and, basically, the entire supply chain, one block after another.

There is only one obvious problem for these distributed accounting projects that hope to change the world: nobody uses these networks, and some probably do not even exist. But what is worse is that they also claim, fraudulently, that they can solve an old computer problem that, until now, has no solution: immutability.

The Blockchain projects that "sell" immutability, which are almost all of the blockchains that exist today, are deceptive and such systems can never be 100% immutable. The well-known Bitcoin evangelist, Chris DeRose, explained two years ago that "Blockchain's immutability is a plea for perpetual motion."

"While many have been caught up in the exaggeration of immutability, most of these claims will go back to the basic digital signature mechanisms that have been in place for decades, with little to differentiate their systems from existing messaging solutions," DeRose explains. .

Then there are the distributed accounting technology (DLT) projects created by the same banks that once made fun of Bitcoin.

There have been so many of these Blockchain private projects announcing that they have the next big chain of blocks, which would obliterate the public blockchains from the map. However, none of them has been revolutionary so far, and no one in the general public seems to be using these DLT solutions, unless it is a "proof" wrapped in gift wrap of elaborate words and sent to publications such as Forbes and Bloomberg.

Do you criticize a block chain system that you have never tried? - No, they usually write a nice little article that makes these Blockchain projects look good, even though the journalist never tried the system, let alone saw it in action.

Last Tuesday, July 10, the R3 blockchain firm launched its "Corda Blockchain" platform after making a big fuss about how the Corda technology was not a chain of blocks. Visitors to the R3 website will see that the company clearly calls Corda a chain of blocks and, according to the company, more than 39 companies are testing this business software.

What makes Corda so revolutionary? Or to any of these projects of bank chains, or bancadenas, that formed a group of privatized nodes that can retransmit and mark the time of the transactions. All we have is his word, there are no third party reviews, just a press release and a decentralized salad of words.

The fact is that a large part of these Blockchain projects are exaggerated press notes that are the very example of what we might call vaporware, advertisements with bombs and cymbals of supposed innovations that then do not amount to anything. Can we trust a group of headlines that say on paper that they have created a revolutionary block chain? Just because it's Visa?

At least with Bitcoin and Ethereum (public channels) people can differentiate between something that works, something that is a disaster, and something that is "steam". All the exaggeration about the Blockchain technology and the bancadenas is based on words that come directly from the main stakeholders, and in what suits them to say.

Have you already tried Blockchain 5.0? Probably not.

Source: news.Bitcoin.com