Blockchain: Difference between revisions
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The FT reports that as long ago as 2016 Gartner put blockchain near the top of its “peak inflated expectations” curve. | The FT reports that as long ago as 2016 Gartner put blockchain near the top of its “peak inflated expectations” curve. | ||
===Is it — you know ...?=== | ===Is it — you know ...?=== | ||
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It's not all bad: the underlying model, like the internet - provides for a radical new way of organising affairs where data is not centralised, but kept at the edges and in the hands of the users. If the user has her own digital wallet with credentialised data, this can be passed, encrypted, only where and when required, to intemediaries. The intermediaries wouldn't be able to keep it, or harvest it, or sell it, and it would be less susceptible to being hacked (instead of hacking VISA's website and getting personal data of 400 million people in one go, you'd need to hack 400m people's individual wallets. Not impossible to hack a wallet but, but the value is in the aggregated data, not individual files, so the incentives are wildly out of whack. | It's not all bad: the underlying model, like the internet - provides for a radical new way of organising affairs where data is not centralised, but kept at the edges and in the hands of the users. If the user has her own digital wallet with credentialised data, this can be passed, encrypted, only where and when required, to intemediaries. The intermediaries wouldn't be able to keep it, or harvest it, or sell it, and it would be less susceptible to being hacked (instead of hacking VISA's website and getting personal data of 400 million people in one go, you'd need to hack 400m people's individual wallets. Not impossible to hack a wallet but, but the value is in the aggregated data, not individual files, so the incentives are wildly out of whack. | ||
It also passes the | It also passes the responsibility for keeping that data up-to-date to its owner, and it only has to be done once. | ||
Obstacles: | Obstacles: | ||
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*'''Stephen Norman''': [https://www.linkedin.com/pulse/blockchain-emperor-has-clothes-dr-stephen-norman/ The emperor has no clothes]. | *'''Stephen Norman''': [https://www.linkedin.com/pulse/blockchain-emperor-has-clothes-dr-stephen-norman/ The emperor has no clothes]. | ||
*'''The Germans''': Aaaaaand here's [https://www.bloomberg.com/news/articles/2019-05-29/blockchain-settlement-was-slow-costly-in-trial-weidmann-says? Jens Weiderman of the Bundesbank] | *'''The Germans''': Aaaaaand here's [https://www.bloomberg.com/news/articles/2019-05-29/blockchain-settlement-was-slow-costly-in-trial-weidmann-says? Jens Weiderman of the Bundesbank] | ||
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*[[Uniqueness]] | |||
{{ref}} | {{ref}} | ||
{{c|Technology}} | {{c|Technology}} |