CEO of Tether, Paolo Ardoino, has called for increased investment in decentralized peer-to-peer technologies following a global IT outage on July 19.
Crypto reported that a technical issue with CrowdStrike’s centralized software caused a global outage, resulting in Windows computers showing the Blue Screen of Death (BSOD) and disrupting services worldwide.
George Kurtz, CEO of CrowdStrike, confirmed the incident and stated that a fix has been deployed to resolve the issue.
“This is not a security incident or cyberattack. The issue has been identified, isolated, and a fix has been deployed. We refer customers to the support portal for the latest updates.”
Investing in Peer-to-Peer Technology
Ardoino emphasized the need for more investment in peer-to-peer technologies to prevent such incidents in the future.
He highlighted the centralization of the internet around three major companies, stating that any disruptions in their infrastructure can have widespread consequences.
Ardoino mentioned Tether’s investment in Holepunch, a platform focused on creating decentralized apps without centralized data storage, as a step towards building resilient technologies.
Many in the crypto community echoed Ardoino’s sentiments, emphasizing the importance of decentralization in light of the recent outage.
Gabor Gurbacs, founder of PointsVille, said: “Apocalypse-proofing financial and industrial products and infrastructure is increasingly not a choice, but a necessity.”