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Enterprise Blockchain is Finally Maturing But the Market Isn’t Quite Ready for It

While the latest Gartner Hype Cycle report sees blockchain coming-of-age as a technology, some 15 years after inception, it has yet to live up to its blockbuster hype.

Photo by Pascal Bernardon / Unsplash

The year was 2017. The market was at "peak blockchain" even though blockchain wasn’t ready for prime time. The World Economic Forum predicted that “blockchain will be the beating heart of the global financial system.” Wall Street was in its thrall; one company selling iced tea simply added blockchain to its name and saw its stock jump by 200%.

Beyond finance, it was expected to transform any industry that relies on data integrity, which was pretty much everything – from agriculture to healthcare to intellectual property. “The world's most valuable resource is no longer oil, but data,” headlined The Economist at that time; and “the data economy demands a new approach.” 

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Hong Kong Cracks Down on Worldcoin's Data Collection Practices

Hong Kong Cracks Down on Worldcoin's Data Collection Practices

Authorities found that Worldcoin failed to adequately inform users about the collection of their personal data and did not obtain their informed consent. Worldcoin also retained user data for extended periods beyond what was necessary and did not provide a Chinese translation of its privacy policy.