Blockchain Technology – A Personal Thought

by Verdzekov Bernard

Some say, blockchain chain technology is transparent. How is this true when the number of black-market transactions keep increasing and being successful with nothing done to stop it. 

So many transactions have been stored in the blocks. What if, just one of this blocks scratches or disrupt. So many people will go down the trench. Money has been stored in wallets. So much money. Why I am saying this is because, blockchain technology was designed by humans, and humans are not perfect beings. They make this system so that it could be able to navigate digital transactions in a digital space human cant rich. Imagine the world in such a system and that system crashes or gets hacked or disrupted by some unsatisfied or angry humans. This means the world will have to start back from the beginning if no backups where ever kept. Even if some backups where kept, many will suffer. 

If blockchain is to be used by all for transactions, have you ever thought about those people that are at the back ground that try to keep the engines running and clean an away from all bugs. Oh yes. They are some people seating and writing new codes to keep this system strong and running at all times. The more the people, or the increase in population for those who want to belong, the more work for this individual. Some will say the make so much money doing so. Yes, they do. But don’t forget this individual have families, the get angry and unsatisfied. they get tired. They are humans like you and I.

But why are the transactions in irreversible? When a mistake is made, it can’t be reversed. Let us say you send bitcoins to someone that wasn’t the actual person you wanted to send bitcoins to. If that person isn’t honest, let’s say he is a scammer, then forget it. The money Is gone and won’t be traceable. 

I have this friend that sent bitcoin to another person. During the transaction, he had some issues with the network. Network was extremely slow that day. He was waiting for the transaction to be validated but all he could see was network problem signs, whereas the transaction had long been successful. He redid the transaction sending same amount in bitcoin to his client. He had done a double transaction. And since the transaction was irreversible, when he realized, he contacted his clients and pleaded that he had made a mistake because of network, that if he could kindly send back the rest of the bitcoin that wasn’t including in the transaction that will be good of him. The bitcoin was sent back. This friend of mind was lucky because, he knew his clients personally and had his contact. If not, that could be a lost transaction for that friend of mind.

When you look at errors like this and those that haven’t been successful to get back their bitcoin refunded, or those that have been scammed in a transaction and couldn’t trace it what do you think? it is almost like a game of luck, some will say.

If information is collected and stored in blocks, why can’t it be tracked. People losing money every day to scammers. That is to say blockchain technology is not safe as they say on the internet. I have shared a couple of experiences, one which I was a victim of scam and the others, stories of experience from friends.

The black market continues to exist. People doing illegal purchase and delivery clog by blockchain technology. Thus, this mean that, when the entire world will be involved in blockchain technology with bitcoin and other digital currencies, such illegal acts will intensify and at one point, the world won’t be safe to leave in. They will be a lot of distrust out there which is going to slow down legal and genuine transactions.