Tether Pushes for Decentralized Tech Systems Following Global Computer Crash

Stablecoin issuer Bind CEO Paul Ardoino urged greater investment in decentralized peer-to-peer technologies following the global IT disruption that occurred today, July 19.

CryptoSlate reported that a significant technical issue with CrowdStrike’s centralized software led to a global outage that affected many industries. This issue caused Windows computers to display the Blue Screen of Death (BSOD), disrupting services and businesses around the world.

CrowdStrike CEO George Kurtz acknowledged the impact of this incident and explained that the issue “has been identified, isolated, and a fix has been implemented.” added:

“This is not a security incident or cyber attack. The issue has been identified, isolated, and a fix has been implemented. We refer customers to the support portal for the latest updates and will continue to provide comprehensive and ongoing updates on our website. We also recommend that organizations ensure they communicate with CrowdStrike representatives through official channels.”

‘Peer-to-peer technology’

However, Ardoino suggested that this incident could have been avoided with greater investment in peer-to-peer technologies.

He noted that today the Internet is heavily centered on the services of three companies and that any problem within the infrastructure of these companies can have a significant impact on entire nations, cities, communities and businesses.

He declared:

“Concentration and centralization are creating a very fragile world, where almost all the technology we have developed to date can only work in the best of cases and will fail at the first sign of change in the social/environmental ecosystem.”

Then, Ardoino pointed out that Tether and Holepunch, a platform designed to build apps without centralized data storage, are building technologies resilient enough to survive an apocalypse. Tether is a major investor in this technology.

Ardoino’s view echoes the sentiment shared by many cryptocurrency industry stakeholders, who have noted that the global disruption has highlighted the importance of decentralization.

Gabor Gurbacs, the founder of PointsVille, She said:

“The world’s infrastructure is moving toward robust, decentralized, and non-custodial rails. Doomsday-proof financial and industrial products and infrastructure are no longer a choice, but a necessity.”

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Posted in: Bind, Technology

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