Blockchain technology doesn't seem to be slowing down in its attempts to change the world. However, advancement doesn't happen without some risk and a whole lot of failure. Jimmy Wales, the co-founder of the world's largest multilingual encyclopedia, Wikipedia shares his thoughts on where cryptocurrency and the blockchain technology would take us in the not so distant future at BlockShow, Europe's biggest crypto conference.
Pros And Cons Of Blockchain Technology According To Mr. Wales
According to Mr. Wales' interview with Cointelegraph's Catherine Ross, he stated his thoughts on how similar the blockchain technology is to the dot-com phase that happened a decade ago.
Mr. Wales mentioned that just because there is a lot of noise and hype surrounding a product or service doesn't necessarily mean people should jump on board right away, especially in the cryptospace. He goes on to mention how success comes in the long run, but only after several companies have failed and the rate at which new currencies are springing forth, many of those are not going to go the distance.
While Mr. Wales' does not invest in any digital currency himself, it is clear that he has no intentions of doing so. At least not until proper regulations are set in place. As of now, some regulations make sense and some that are just getting in the way of progress.
Due to Mr. Wales' profession as a journalist, he stands firmly with the First Amendment which is the freedom of speech for individuals as well as the press. During his interview, Mr. Wales addressed a serious issue involving the social media ban on cryptocurrencies and their ability to advertise.
And while Mr. Wales keeps a bias opinion stating that the matter is “complicated,” he does put forth the idea that what is happening with the regulations of advertisements for cryptocurrency falls in the legal bylines of the first amendment.
Thoughts On Regulating Blockchain Technology
When Mr. Wales was asked about the ability to regulate the technology that blockchains use he stated, “blockchain isn't something that needs regulations.” Although politicians may see things in a different light, it is obvious those individuals may not have all the facts to make an educated decision.
Since blockchain technology is a relatively new concept, individual investors as well as government officials needs to be cautious. With hackers being able to crack codes and steal keys from Bitcoin and other cryptocurrencies, there need to be law enforcement agencies that can handle the problems not just throw regulations at the system in hopes of smoothing things out.
The Future Of Blockchain
While we are nowhere near crossing the threshold into cryptospace, it is possible that at some point in the future everything will be using blockchain technology. Don't be surprised if you wake up one day and find your health record is on a blockchain or that your driving record and financial background is listed for all to see.
See the full interview here: