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Bitcoin gave birth to the concept of blockchain technology and now even technologically advanced organizations such as NASA are evaluating its benefits. However, cryptocurrency is often described as a passing fad, a bubble and even useless.
Blockchain NASA Eyes Hyperledger for air traffic management
Ronald J. Reisman, aeronautical engineer at the NASA Ames Research Center, proposed blockchain to solve privacy and spoofing prevention, denial of service and other attacks.
He says that a new system, planned for the implementation in 2020, the Automatic Dependent Surveillance-Broadcast (ADS-B), does not provide for the protection of flight plans and positions and other status data. Reisman believes that blockchain has the answer in the form of an engineering prototype built using a licensed blockchain.
The use of an open source authorized blockchain structure to enable aircraft privacy and anonymity while providing a secure and efficient method for communication with air traffic services, operational support or other authorized entities .
The proposed structure uses "certification authority, support for smart contracts and communication channels with higher bandwidth" to guarantee private communications between aircraft and authorized participants.
Describes in detail how the prototype could be "economically and rapidly distributed" on a large scale. Reisman bases the proposal on the use of Hyperledger Fabric, a blockchain that says it has been developed far from fintech and designed for business use.
Many Blockchains lack cohesion
Interestingly, it seems to have considered other chains. Describes these chains as having no cohesion and flexibility because of the platform design limitations:
Ethereum claims a market share of more than 80%, followed by other platforms, including (in order of popularity of the market share): Waves, Bitcoin Fork, Stratis, Graphene, Hyperledger, Ethereum Classic, Maidsafe, Litecoin Fork , NEO and Rootstock.
Reisman also states that his article:
Proposes to take advantage of an industrial open source enterprise blockchain framework called Hyperledger Fabric to demonstrate potential solutions to vicious technical problems that threaten the adoption of ADS-B by military, corporate and other aircraft that do not want their operations and movements distinguishable from the general public.
And even if his "is not perfect" approach is "based on available technology," the paper says. This could be interpreted as a sign of approval of readiness for a wider use of blockchain globally.
But Criptovaluta is a passing fad?
Cryptocurrency and even blockchain are dismissed by many as a craze. The Nobel Prize-winning economist Robert Shiller called Bitcoin a passing fad when it reached a record of nearly $ 6,000 in October 2017. Martin Walker of the Center for Evidence-Based Management (CEBMa) has defined blockchain as a passing fad. . And Jamie Dimon, CEO of JPMorgan Chase, famously called bitcoin "a fraud". There are many examples and similar, scornful, comments to bitcoins and the concept of cryptocurrency.
"Bitcoin is just a passing fad" pic.twitter.com/wLJLoOh4ng
– William LeGate (@williamlegate) 10 February 2018
It is true that the adoption of blockchain is increasing by far the adoption of traditional cryptocurrency. This is further illustrated by its permeation even to the technological considerations of NASA.
But how can the concept of cryptocurrency, or digital money, be considered a passing fad? Its core technology seems set to be implemented at all levels of the technology infrastructure.
Cryptocurrencies have a long way to go before they are used in the same way as the fiat currency. One or many could emerge as a common currency for transactions. A new emerging dominant currency may or may not end up becoming bitcoin.
The use of Blockchain will strengthen the adoption of Crypto
The point is that cryptocurrency can not simply be ignored. Any technology we use in the future could be based or interact with blockchain. Sooner or later, if the blockchain becomes a fundamental technology, even money must become based on the blockchain.
The continued adoption of blockchain by banks, governments, businesses and even space agencies such as NASA is laying the groundwork for the use of cryptocurrency to become mainstream. The question is not whether cryptography is a passing fad, but how long it will take cryptocurrency to recover.
This will depend very much on global regulation and ultimately on its use. A new report by the central bank, the Bank for International Settlements, reveals that 70% of banks are investigating the problem of a central bank digital currency (CBDC). But so far few are in a hurry to make the move.
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