“I feel that once we speak about blockchain, we instantly totally gravitate our ideas to Bitcoin, however Bitcoin is just one software of blockchain,” Itamar Melamed, Head of Innovation Growth at Infront Lab, advised CTech. “Blockchain is the backend of the whole ecosystem of cryptocurrencies, however blockchain has a number of distinctive capabilities that the sports activities market might harness and make the most of. Before everything it may possibly virtually utterly eradicate what’s known as double-spending. This can be a very huge drawback in sports activities in terms of forgeries.”
Energy consumption has become the latest flashpoint for cryptocurrency. Critics decry it as an energy hog while proponents hail it for being less intensive than the current global economy.
One such critic, DigiEconomist founder Alex de Vries, said he’s “never seen anything that is as inefficient as bitcoin.”
On the other side of the debate, research by ARK Investment Management found the Bitcoin ecosystem consumes less than 10% of the energy required for the traditional banking system. While it’s true the banking system serves far more people, cryptocurrency is still maturing and, like any industry, the early infrastructure stage is particularly intensive.
Despite these developments, blockchain technology can co-exist with Singapore’s green plans, said Asst Prof Dinh. The Government launched a Green Plan last month, charting Singapore’s sustainability goals over the next 10 years across various ministries.
For one, experts believe that energy-intensive cryptocurrency mining is not done on a large scale in Singapore.
In a written parliamentary reply in February, Minister for Sustainability and the Environment Grace Fu said that cryptocurrency mining happens predominantly in markets with a cheap supply of electricity.
Zoom, once the darling of the quarantined remote worker, has been slammed for poor privacy, and has suffered a data breach in which 500,000 user accounts were offered for sale on the dark web. Meanwhile, Google and Apple have pooled their resources for contact tracing, highlighting the amount of information that Big Tech monoliths hold on their customers.
This, then, should surely be the moment for Web3 to sweep in and save the day, with its promise to wrest power from centralized entities and restore privacy to the masses. But it hasn’t. Not a single Web3 decentralized app (dapp) has gone truly mainstream during the coronavirus pandemic.
At its core, the problem blockchain seeks to address is to ensure the security and integrity of information at a time when there is increasing concerns about data privacy and declining trust in government. It is a technology that allows one to record assets, transfer value, and track transactions in a decentralized manner, ensuring the transparency, integrity, and traceability of data without a central authority to authenticate the information. It is essentially a system to encrypt information and a shared database. It is based on a consensus mechanism amongst trusted parties to certify the information and validate transactions.