Blockchain Forgets Nothing: What Is Its Danger to the Business?

Polygant Tech
Nov 5 · 2 min read

Transparency of decentralized technologies tends to affect the image of the companies targeted by Internet activists.

Cryptocurrency and blockchain offer a unique, but dangerous, chance for mankind: not to forget anything. Public blockchains can store files and other data in a way that they will never be deleted. There are other decentralized technologies that can do this. The consequences, including the negative ones, are obvious to society, but what does this mean for investment in various areas?

The secrets can no longer be concealed

We all know about Wikileaks. Julian Assange’s site was responsible for several leaks that shatter public confidence in governments, corporations, and public figures. The combination of a secure public blockchain, an anonymous cryptocurrency and a decentralized sharing platform leads to the confidential system in which leaks may be permanently eliminated. All trade secrets, corruption scandals, and ethically questionable decisions (even if they contradict the feelings of activists) may be publicly released.

Transparency of decentralized technologies affects the image of the companies targeted by virtual activists. The literature on business strategy has recently found evidence that activists have considerable power over the leadership of organizations.

It is not easy for many people to ignore that the company is conducting brutal animal testing. With simplicity, anonymity and decentralization of complaints, the damage will increase. Encryption will provide the insiders with the ability to destroy any business.

It will be harder to maintain reputation

The success of blockchain represents an increase in what we consider to be transparency, but not every transparency is useful for business. Companies should not evaluate hype blockchain too positively, they should look at the shortcomings of the new technology. Investors should consider much more risks associated with the image of companies, since the technology combines current trends in information sharing.

In some ways, blockchain companies need to adapt to a higher level of transparency. For instance, a technology that allows for absolute transparency about the company’s reserves, methods of their storage, and other such data looks intimidating. The investors will hardly remain inert in the ever-changing world, especially taking into account more costly reputational risks.

We can say that the trend is positive. Companies will now be forced to meet external and internal moral requirements. Nevertheless, a backlash may occur. For example, studies may be terminated due to the activity of activists who do not understand the nature of innovation and a scientific method.

Discussions on economic efficiency and moral values, such as the protection of freedom and personality, are important. We should take into account that blockchain and new information technologies are based not only on consensus software technology, but also on social consensus.

Fintech Trends

Currency and digital money. Cryptocurrency and blockchain. Artificial intelligence and machine learning.

Polygant Tech

Written by

Artificial Intelligence and Fintech

Fintech Trends

Currency and digital money. Cryptocurrency and blockchain. Artificial intelligence and machine learning.

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