A more recent discovery could mean some very negative things for Bitcoin itself and certain users of the bitcoin network. While this may be a bit confusing if you keep going it will all make sense.
For those who may not know, Bitcoin is a form of cryptocurrency that uses people who volunteer to use their computers to maintain the network, those who do this could be facing some backlash for liability depending on the content they possess. While those who merely own bitcoin and do not participate in the network will not be directly affected, it is important to be aware of this. Researchers have analyzed about 1,600 files on bitcoin’s blockchain and some of those files (a few hundred) depicted links to child pornography websites.
These findings come from researchers at the Aachen University and Goethe University Frankfurt. They presented these just about a month ago at the international conference on financial cryptography in Curacao. Now, depending on how you look at this it does seem to make being involved in this the same as possessing and distributing images of child abuse.
The team wrote as follows in their paper:
“Our analysis shows that certain content, eg. illegal pornography, can render the mere possession of a blockchain illegal,”
“Since all blockchain data is downloaded and persistently stored by users, they are liable for any objectionable content added to the blockchain by others. Consequently, it would be illegal to participate in a blockchain-based [system] as soon as it contains illegal content.”
While this won’t completely ruin the system itself it is something that needs to be regulated in some form. While this is not something people are making a big deal out of now it will most likely be gone over time and time again in the future. It has been said that creating new blockchain designs could address this issue and prevent files of those kinds from being spread but at the moment we will have to wait and see where things go.
Christian Catalini, a professor and founder of MIT’s Cryptoeconomics Lab told WashingtonPost that these findings do not present a major problem at this time and that it is relatively hard for people to use it to post offensive content at the moment. What do you think about this? for more information please check out the video below.
Image via Steemit