Transcript
So, now that we have a better understanding of what blockchain is and some general idea of its possible uses, it’s probably becoming clearer why people are both excited and concerned about the technology.
From a trust and accountability standpoint, the anonymous nature of blockchain means that user data and privacy are better protected, at least within the system. But in an ironic twist, blockchain-based markets are also where stolen customer personal data is bought and sold because law enforcement often has trouble identifying the parties involved. In a more commercial context, some are concerned that the unaccountable structure from blockchain-based products, like ICOs for example, leaves investors, and even in some cases the public at large, vulnerable.
We are only just beginning to understand the incredibly beneficial aspects of blockchain technology. But from a cultural lag perspective, we also realize that we probably don’t yet understand the full extent of the challenges that will arise from its use.
So let’s look further at a few examples of how blockchain can be used for both good and bad. First, we will discuss a really exciting case about the dark web marketplace Silk Road, which used blockchain, and in particular, Bitcoin to create one of the largest marketplaces for illegal goods the world has ever seen. This Silk Road marketplace was like eBay or Amazon but for illegal drugs and weapons. How could such a marketplace exist, you might be asking? Well, it was hidden on the Dark Web. So before we get into the case, let’s first take a moment to discuss what the Dark web is.
