Over the past few years, the buzzwords “Blockchain Technology” have been tied to literally every industry under the sun. Cryptocurrencies had a wild year in 2017 and it seems during that time distributed ledger technology has made it all the way to the ‘Blockchain 5.0’ era, but there’s a big problem — No one reporting on these projects has tried these networks.
Also read: Bitcoin: A Legitimate Cure for a Broken Money System
Blockchain 5.0 & DLTs: The Ultimate Snake Oil
Back in 2009, a network was launched which produced the digital currency bitcoin and no one moved a muscle. These days cryptocurrencies are a hell of a lot more popular than those days but there are some people who have this idea that the technology “behind” digital currencies represents the real innovation. You’ve heard it time and time again, that ‘Blockchain Technology’ will revolutionize the world and every industry will be touched by this remarkable software. Supposedly, blockchains will transform finance, the clothing industry, movies, music, food, healthcare, and basically the entire supply chain, one block at a time.
Blockchain Immutability Is a Fallacy
There’s just one glaring issue for these distributed ledger projects that hope to change the world — No one uses these networks and some probably don’t even exist. But what’s worse is they also fraudulently claim they can solve an age-old computer system problem that cannot be solved — immutability.
Blockchain projects that claim immutability, which is a large representation of nearly every blockchain out there today, are misleading and these systems can never be 100% immutable. The well-known bitcoin evangelist, Chris DeRose, explained two years ago that “blockchain immutability is a perpetual motion claim.”
“While many have been caught up in the hype behind immutability,
