Does decentralization influence the economy? This controversial topic has elicited discussions with online communities as well as different media outlets. Why? Decentralization has been successful for Bitcoin and its ups and down throughout 2017.
Payment processing machines are worried their traditions will be overthrown. These companies have enjoyed monopolies and near-absolute control over transaction processing, authorization and governance.
Cryptocurrency has an influence on wealth and economy. Blockchain solutions have the potential to influence rating and voting systems. Blockchain solutions has the potential to return democratic and political power back to the voting citizens. The system must be implemented correctly so it can be used as a method for vote processing and verification.
Fraud Claims and Electronic Voting Machines
The recent US state election in Alabama has put the entire election system in jeopardy. The election fraud resulted in a seat lost by Republican Ray Moore. The controversial talking point is the state’s ruling prior to voting that erased all electronic votes. This eliminated any option for a re-count in the event of close voting results or disputes.
Voting fraud is bipartisan. This same scenario happened earlier this year. In June, Georgia deleted their electronic voting records after the Democrat lost.
Many have argued that these issues are flaws in the hardware or software and the problems uncovered are indicators of technical faults, or tampering. These acts damage the integrity of the data produced.
The Current landscape of Blockchain Security
Decentralized regulation of central government is a foreign concept, but is a discussion that needs to be started. The debates for alternatives must be consistent and compelling if anything is going to change. It must also be well-thought-out as to how and when a proposed Blockchain based solution would possibly provide a higher standard of protection for extremely confidential information.
The risk of hacking and malicious attacks by external parties is a widespread concern faced by Blockchain users and ICOs. Vulnerabilities have extended to internal cases, for example the accusations that led up to the ongoing insider trading scandal at Coinbase. These scandals have highlighted the real threat that these “bad actors” bring to the crypto economy.
New token creators must practice due diligence when they create their infrastructures. Creators must secure themselves and their customers. Customers need to be secure when they invest their money and time into risky undertakings like ICOs. Blockchain visionaries are moving a large amount of resources to challenge security gaps. They are implementing all-inclusive reactive and preventative strategies based on technology-driven solutions and processes.
Parity begins at Home
It seems to be far from becoming a tool for fighting political corruption, but read this real-life case study: Zurich, Switzerland based Lina (cryptocurrency) began a scheme with their exclusive MVP. This MVP works to reduce unscrupulous practices in the review sector. The core benefits the current system proposes, is to be applicable to a range of uses beyond review: primarily data integrity, traceability, and transparency.
It is Lina’s goal to become the first community-driven “tokenized” user review system having applications ranging from household goods to digital media like video games. Linea’s objective is to resolve the differences that plague online reviews which include unreliable articles from paid reviewers or the company’s own staff. Greater demand for customer reviews than there are good reviewers is a problem, and prioritizing of quantity versus quality in aggregate scores over quality assessments from expert reviewers.
Lina.review is the first market offering of its type. It will be awesome to check out where the project goes and if they find the partnerships that help launch their product into the mainstream discussions.
They have put the horse before the cart with this platform that was established before the announcement of their ICO that is set to go-live on January 15, 2018. This suggests that the system has been tested thoroughly since they claim to look after global community of users.