When I decided to leave my role in the alternative investment industry to work in blockchain industry, many questioned my decision - They thought that I just wanted to make some quick money and that the whole blockchain thing was just a scam.
Some blockchain projects are scams. I do not argue on that. But don't forget that 80% to 90% start-ups fail. Blockchain start-ups do fail too - it is not fair to call a failed business a scam while it has tried its best to develop its business model to solve difficult problems in the world.
There are many bigger scams in the world. The recent vaccine scam in China is a good example how the pharmaceutical industry can be a scam too.
Now we have public blockchain that can prevent this kind of scams. There are already functioning public blockchains that can trace the supply chain of a product like vaccines from the start to the end. Of course, if a pharmaceutical company is determined to commit fraud, it can still upload fraudulent record on the blockchain. However, the transparency of blockchain can allow persecution of such frauds much easier. It is also easier to detect such frauds when data is made available to all stakeholders on the blockchain rather than being held by the pharmaceutical company and a few stakeholder.
Let's use and develop blockchain. We deserve a better world for our next generation.
Source: Reuters