Blockchain Report — 11/9/2018

Summary: Chinese School Principals Have Been Caught Mining Ethereum At Work; Google’s Ex-CEO Eric Schmidt Believes That Ethereum Has Massive Untapped Potential; A New Report Says Some Companies Are Purposely Avoiding Using The Word “Blockchain”

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Chinese School Principals Have Been Caught Mining Ethereum At Work

According to The Next Web, two principals at the Puman Middle School in China were caught red-handed using the school’s electricity to mine Ethereum. Employees caught them after they noticed an excessive noise coming from computers in the past few months.

This excessive noise would occur daily, even during holidays. Furthermore, the middle school’s network slowed down to nearly a halt during that same period of time. That made it incredibly difficult for teachers to do their jobs.

After faculty spent days trying to discover the source of these occurrences, they finally realized what had happened. They found seven high-end cryptocurrency mining computers in one of the school’s empty classrooms mining Ethereum.

Originally, the two principals were mining Ethereum at home but the electricity bill was becoming so expensive that they decided to move their computers to the school. As a result of the discovery, the school’s principal has been fired and the vice principal has been given a warning.

Google’s Ex-CEO Eric Schmidt Believes That Ethereum Has Massive Untapped Potential

According to CCN, the former CEO of Google Eric Schmidt said that Ethereum could be a “powerful platform” with massive untapped potential. He made this claim at at a discussion event in San Francisco with economist Tyler Cowen.

During the discussion, Schmidt was asked what his opinion was on blockchain and whether he believe it was overhyped or not. Schmidt replied:

“In the public format, overrated. In its technical use, underrated. Today, blockchain is a great platform for bitcoin and other currencies. And it’s a great platform for private banking transactions where people don’t trust each other…And if ethereum can manage to figure out a way to do global synchronization of that activity, that’s a pretty powerful platform. That’s a really new invention.”

The last part is an incredibly bullish statement on Ethereum from Schmidt, and could be seen as a very positive signal that Ethereum has a bright future ahead of it.

A New Report Says Some Companies Are Purposely Avoiding Using The Word “Blockchain”

According to Fortune, Forrester Research has come out with a new report stating that some companies are now avoiding using the word “blockchain” when describing their products because the word has become so overhyped.

Instead of using the term “blockchain”, some companies are now using the term “DLT” which is short for Distributed Ledger Technology. The switch to using the term “DLT” is because of how oversaturated the use of the word “blockchain” has become. During the most recent World Series, IBM bragged about its blockchain services in a commercial. The report goes on to state:

“The networks that are live or under development vary greatly and frequently lack key characteristics that many regard as essential components of a blockchain.”

Furthermore, the report states that “blockchain” can have a negative connotation to it which is why some companies are avoiding using the term. The report also compared the impact that blockchain could have to the impact of online shopping and cloud computing.

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