Decentralized technologies will help in the coming crisis
|Marek Feder|source|2626x
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Decentralized technologies will help in the coming crisis

Ben Goertzel is the founder and CEO of SingularityNET, one of the first projects to combine AI (artificial intelligence) and blockchain. He is also a developer who has been into programming since the 1990s. He shared his observations on decentralized technologies with the Coindesk portal a few days ago.

Ben Goertzel believes that not only the cryptocurrency world but also the entire financial sector needs more decentralization. This is especially evident during the period of the COVID19 pandemic when almost all businesses moved to the online sector. Who profits from this situation the most? Large technology companies that obtain an enormous amount of user data - and users are not happy about it.

For example, a survey by the non-profit organization Humanity + found that up to 61% of participants in their online webinar do not feel comfortable with how much data governments obtain about the life and health of citizens. In addition, as many as 92% of respondents to the survey said that it would be much better if their data were stored using a blockchain and not a centralized government database.

Based on the survey, Goertzel thinks that the COVID19 pandemic only pointed to the need for decentralization and moving away from cloud storage and centralized databases to blockchain technologies. Current centralized systems are not trustworthy enough to help humanity move forward, nor do they have the potential to deal with potential economic crises.

In his article, he emphasizes the need to develop decentralized projects, highlighting several of them. According to him, projects such as Decentraland,, Ocean Protocol, Algorand, Augur, or SingularityNET are heading in the right direction. Even though each of these projects is from a different industry, they all focus on decentralization, the use of blockchain to increase security, and bring power back into the hands of people. According to Ben Goertzel, these three factors are the key to changing the impact of the forthcoming crisis.


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