Child Abuse Blockchain Scandal: Money Button Calls for “Moral Blockchain”
Money Button, a Bitcoin Cash SV (BSV) specific payment app which recently made news rounds for child abuse image distribution on the network’s blockchain ledger has addressed the abhorring crime in a blog post published on February 7, 2019.
Criminals Give a Bad Name to DLT
For all the perks that blockchain technology has brought to the table for world commerce and society at large, some mischievous elements, staying true to their heinous nature, have continually tried to smear the idea behind the technology in a nefarious pitch-black ink.
On February 6, 2019, news broke out regarding a sinister act which resulted in the upload of child abuse pictures on the blockchain of BSV.
As the images were uploaded on a ledger network, it was near impossible to take them down without a hard fork. Thankfully, the team at BSV somehow managed to make the particular transaction “invisible” from the general public. However, the condemnable incident has rekindled the question of cost-versus-benefit, a typical argument surrounding blockchain technology.
Addressing the issue in their blog post, Money Button gave a thorough and fitting reply to the critics of the technology.
The firm went on to highlight the benefits of blockchain technology which include direct, zero commission, peer-to-peer transactions that are permanently recorded on the underlying ledger network. The immutability of blockchain ensures that no transaction is altered retrospectively or at a later time, which can act as a major obstacle for criminals to commit frauds, forgery, theft, and other illicit activities.
Similarly, on the other end of the spectrum, the non-reversible nature of DLT ensures a safe haven to store information pertaining to intangible assets such as patents, copyrights, and intellectual property, among others. BTCManager published an article on the potential of blockchain-powered intellectual property which can a revamp company’s business model for earning revenue.
The company, in its blog post, also highlighted how the technology is disrupting and reshaping industries like supply chain management on the very back of its immutability feature.
Results have already started showing up, as BTCManager reported on September 25, 2018, how the technology can be of immense utility to tackle the menace of fake honey scandals prevalent in countries like Australia and some of the honey-producing African nations.