Amidst Talk of Blockchain Being Disruptive, Geopolitical Analyst Sees It to Be Out Of Date
Amidst the talk of blockchain technology being the most disruptive in a decade after iPhone, there is one person who sees the technology to become out of date. However, the founders of Geopolitical Futures, George Friedman, did not give the time frame for it to happen and merely mentioned that it would happen one day. That does not mean that he does not see the usefulness of the technology, but he sees it be an old-fashioned one.
Friedman is the author of “The Next 100 Years: A Forecast for the 21st Century.” The founder of an online publication that is focused on the prediction of international affairs. Future said that he did not come across any encryption technology, which could not be broken. He referred to the intelligence services of the United States, Russia, and China and raised doubts that blockchain technology could not be decrypted. He thinks that the new age technology is “one of those hypes.” He believes that people are making a big profit from unexpected claims.
Interestingly, during the international conference on Cyber Security in January, the Federal Bureau of Investigation (FBI) director, Christopher Wray, indicated that they could not crack more than 7,800 devices. The FBI badly wanted to crack since the agency believes that it contains key information in respect of investigations during the period 2016 and 2017, cointelegraph reported. This apart, he pointed out that 50 percent of the devices, which were safeguarded by encryption, could not be accessed.
A report indicated that the American National Security Agency (NSA) was apparently in a position to spot the location of bitcoin users throughout the world. This was based on classified documents offered by Edward Snowden.
It was quite natural that the NSA handled this with the establishment of a procedure for not only harvesting but also analyzing and processing internet traffic throughout the globe. The security wing has reportedly used a program as if it was the most popular anonymizing software. Aside from these, the agency’s corporate partnerships have allowed it to have a secret internet monitoring program to oversee communications. This was meant to be used to get data directly from the fiber optic connections, which structures undergird of the internet.
Though the technology is used mostly as a platform for cryptocurrencies, it is also being looked at for exploring in other sectors too. Similarly, while some of the experts think to be a disruptive one in the current decade or at least for a decade, there are others who do not think so. Taking a different stance is nothing new. However, what matters the most is that it should be backed up by supporting events or documents.
In any case, Friedman does not think that blockchain is not useful and that how far and how much is the question that he seems to be asking. There are already several financial service providers, and supply chain management is exploring the possibility of using the technology. It could be a premature thing to write it off completely.