The open letter to the US Congress from 1500 leading computer scientists and other experts requesting improved regulation nails a number of key concerns surrounding "crypto" (broadly defined).

However, I think they over-reached on one important point:

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By its very design, blockchain technology is poorly suited for just about every purpose currently touted as a present or potential source of public benefit. From its inception, this technology has been a solution in search of a problem and has now latched onto concepts such as financial inclusion and data transparency to justify its existence, despite far better solutions to these issues already in use. Despite more than thirteen years of development, it has severe limitations and design flaws that preclude almost all applications that deal with public customer data and regulated financial transactions and are not an improvement on existing non-blockchain solutions.
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I am far from a crypto apologist, but it has to be remembered that the underlying ecosystem (including blockchain) is still very much version 1.0.

A simple comparison of the capability of modern web browsers to earlier search and browsing tools (like WAIS, Archie & Veronica) demonstrates the exponential capacity of innovation that can occur in a mere decade.

Regulation absolutely has a role. As does patience, creativity and foresight.

#innovation #technology #data #regulation #blockchain #crypto

https://concerned.tech/