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Bitcoin has the power to create a local industry of global size, transform cybersecurity, and build a more honest system, says Dr. Craig S.Wright. Speaking on a panel at the Global Forum/Shaping the Future event in Muscat, Oman, in October 2022, he explained how Bitcoin can incentivize positive activity through transparency and accountability.
Also attending the panel were Fatma Al Mukhaini, Head, Robotic Process Automation Developer, PDO Oman; Professor Latif Ladid, Chair of the IPv6 Forum, University of Luxembourg; Daniele Tumietto, Adjunct Professor, Politecnico de Milano, Italy; and Halah Al Zadjali, Senior Executive of the Directorate of Governance, Policy and Governance, MTCIT Oman.
A new way to create a global industry and stay local
“Finally we found out who the mysterious figure named Satoshi Nakamoto was,” said moderator Michael Stankosky. He added that he had previously met (www inventor) Sir Tim Berners-Lee and had been a member of his advisory committee. He noted the feeling “when you meet people like Craig who are also inventors, it changes the way we do things.”
Dr. Presentation Wright titled “Bitcoin, IPv6, and the Future of the Internet,” though he spoke more generally about what Bitcoin is, what it isn’t, and some of the efficiencies it can bring to money, global business, and cybersecurity.
“Really, what we are talking about is a system designed to eliminate all the problems of transferring money. It’s not about anarchy, it’s not anti-bank, it’s not anti-government.”
He told the audience that Bitcoin could change business by allowing people to keep the industry where they came from instead of putting all their effort into moving. They can build a company with no end goal of selling it to Facebook or “consolidating everything into a small group of companies in Silicon Valley.” Bitcoin enables new ways to monetize activity, leveraging micropayments to move away from the current internet ad sales model.
Bitcoin creates new ways of doing things, such as new incentives to sponsor and “own” ecological projects and humanitarian causes, he said.
He also reiterated that Bitcoin is a transparent system designed to fight crime and corruption no matter who tries it, be it hackers, drug dealers, terrorists or dishonest governments. On the Bitcoin blockchain, it’s impossible to clear transaction logs, bringing investigators back to a time when they used human intelligence and connection tracking rather than mass surveillance.
“This allows for privacy, but the blockchain is not encrypted. It can be publicly audited by every person on Earth. That should terrify the bejeebus of any dishonest government.”
Cybersecurity and IPv6
Turning to cybersecurity, he names the Bitcoin SV (BSV) blockchain project Certihash, explains how it logs IT system events on-chain, sends alerts about any abnormal activity, and logs all access attempts. This saves data breach investigators the hours of work trying to figure out what happened, something that is a huge bottleneck in today’s digital economy.
Integrating all of this with IPv6 “means radically rethinking everything we do on the internet,” he said, referring to a past incident that saw event cascading from a compromised digital certificate provider endangering everyone who used it, “almost everyone on Earth.” .”
Bitcoin can usher in a new era of honesty. “I want you to think about what transparency really means,” said Dr. Wright. “Do you want to be a servant to your people, or do you want to keep them in the dark?”
Professor Latid Ladid, chairman of the IPv6 Forum continues the internet protocol theme. He compared a unique IPv6 address to a telephone number, saying that in the 1960s, not everyone had a telephone number, but today it is unusual not to have a unique number. You have to have your own internet address to have any power, he said, indicating that today’s internet users follow security rules and practices dictated by other providers.
He also noted the advantages of IPv6 for blockchain and gaming, and provided an update on which countries are doing best with IPv6 implementation. Asian countries such as Japan, Malaysia, India and Thailand have benefited greatly, as have Saudi Arabia and the United Arab Emirates. Countries such as France have accelerated IPv6 adoption using programs such as granting 5G licenses only to those working with the new protocol.
The panel discussion was part of a Global Forum event called “the International think-tank on the digital future” and “the Davos of ICT.” The 2022 event takes place in Oman, the first time it has been held in the Middle East. Oman’s “Vision 2040” initiative seeks to leverage digitalization technologies and make the country a test-bed for new technologies in various sectors through infrastructure and investment incentives.
Watch: Blockchain Venture Investments: Driving Utility for a Better World
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New to Bitcoins? Check out CoinGeek Bitcoins for Beginners section, the ultimate resource guide for learning more about Bitcoin—as Satoshi Nakamoto originally envisioned it—and the blockchain.
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