Edward Snowden on why the blockchain counts and on the importance of Bitcoin transactions …
by Manoj Sharma for CNR
In a recent interview with Ben Wizner, Edward Snowden spoke about the blockchain and why companies should try to implement the technology.
Snowden said that he "imagines an old database in which any entry can be changed simply by typing it and clicking Save." Now imagine that the entry contains your bank account.If someone can arbitrarily change your balance to zero, that kind of disgusting, right? Unless you have student loans. "
"The point is that every time a system allows someone to change the story with a sequence of keys, you have no choice but to trust a huge number of people to be perfectly and good and humanity does not have a big experience for that.The blockchains are an effort to create a story that can not be manipulated. "
Blockchain technology is recognized worldwide for its ability to create irrefutable evidence of an event between two different parts, thanks to its distributed registry bases. And Snowden added that "the reality is that blockchains can theoretically be applied in many ways, but it is important to understand that mechanically, we are discussing a very, very simple concept, and therefore the applications are all variations on a single theme: verifiable accounting. "Warm."
Also, he talked about the power of blockchain technology to influence the world. While it is confident about the ability of technology, it does not provide blockchain overtaking companies like Google or Facebook.
He also talked about his interest in Bitcoin transactions, describing them as "impartial", which add to the trust factor of the crypto arena. He states:
"[Bitcoin transactions] it can not be stopped or reversed without the explicit voluntary participation of the people involved. Let's say that Bank of America does not want to process a payment for someone like me. In the old financial system, they have a huge amount of influence, like their peers, and they can make it happen. If a teenager in Venezuela wants to be paid in a strong currency for a web development concert he has done for someone in Paris, something forbidden by local currency checks, cryptocurrencies may make it possible. Bitcoin may not yet be private capital, but it is the first "free" money, Snowden said.
And it's the "free money" that has hit quite a bit. of late problems, of course, not least the collapse of the markets and the growing hostility of many regulators. But on the blockchain side? Things seem to improve, with ever larger companies embracing technology.