As much as I believe that blockchain technology has the potential to solve many of the problems humanity faces today, I also fear what can happen if blockchain technology is used to take away the privacy and rights of individuals, wrote technology executive and former hacker Trent Lapinski in an article for Cointelegraph.
Do you want to live in a world where every purchase you make and every interaction you have with others is recorded, documented and unchangeable?
What about a world where everyone is manipulated into rating each other in some kind of evil social rating system on a daily basis?
Your every move is recorded and every website you visit is documented. Every book you read, every time you step off the curb before the light changes, and every time you go even one unit above the speed limit it is used against you. If your score drops, you lose access to travel and quality food, and if it drops enough you eventually lose your home and become untouchable with no hope of ever getting ahead in life.
If you aren’t already aware, China has invested heavily in blockchain technology and cryptocurrencies in general, and it has been implementing a dystopian social credit system like the one I mentioned above. Meanwhile, a number of prominent cryptocurrencies and blockchain projects are in fact backed by Chinese investors. Why?
In light of everything we’re learning about China’s coverup of Covid-19, why would an authoritarian communist government invest in what is supposed to be free-market technology?
Read More: Flashback Social Credit And The Dark Side Of Blockchain