It’s about Trust, Stupid! Why Blockchain-based BlockCerts are the wrong solution to a false problem (0/3)


Prolegomenon

Blockchains have become both a kind of a fashion item and a religion. Not having one on display can be considered as a sign of bad taste, ignorance, misplaced skepticism, Luddism or heathendom.

This series of posts (3) is a rebuttal of the blockchain bandwagon on to which so many are willing to jump without engaging their brains: remember Farmingdale (link), a $24 million iced tea company had its stock jump 200% when it declared moving into the blockchain business? How engaged were the brains of those who decided to invest in the 1,000+ cryptocurrencies (link) that failed in 2018? And if 92% of blockchain projects have failed (link) does it mean that the other 8% have succeeded? Or that they are on the soon-to fail waiting list?

A recent call for tenders by the European Commission for the Study on Blockchains: Legal, Governance and Interoperability Aspects specified:

“The study will enquire for legal and regulatory aspects related to blockchain-inspired technologies and their applications as well as for socio-economic impacts of the Blockchain technology. […] The study should reinforce or complement the work of the EU Blockchain Observatory and Forum, while providing useful and meaningful inputs for the deployment of a EU Blockchain Infrastructure in 2019.

So, now it’s a given, there will be a “deployment of an EU Blockchain Infrastructure in 2019” and therefore we just have to study “legal and regulatory aspects” to “reinforce” the work of the EU Blockchain Observatory and Forum, an “observatory” who’s primary mission is not to “observe but :

to promote blockchain in Europe by mapping existing blockchain initiatives, analysing and reporting on important blockchain themes, promoting blockchain education and knowledge sharing and holding events to promote debate and discussion.”

The general contractor of the so called “observatory” is ConsenSys AG, a blockchain technology provider… It’s a bit like if Shell had been contracted by the European Commission to lead an observatory on global warming… Or the Vatican an observatory on paedophilia… It’s true that each of them have first hand experience with the subject matter.

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