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The World According to Blockchain

  • The World According to Blockchain-

    Blockchain Pro: Security by Definition

    In telecom and IT, security efforts are aimed at keeping the bad folks from being able to steal or change users’ data. The quality of the security is judged by the success of that mission.

    Blockchain has a different approach. In addition to traditional security, blockchain is open enough to make nefarious activity difficult. It is completely open. Thus, if two people make a transaction using blockchain, all people linked in that universe are updated. Thus, to do something dishonest and hide it would take the cooperation of all the participants. Nothing is impossible. But some things are extremely difficult.

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The World According to Blockchain

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  • The World According to Blockchain-2

    Blockchain Pro: Security by Definition

    In telecom and IT, security efforts are aimed at keeping the bad folks from being able to steal or change users’ data. The quality of the security is judged by the success of that mission.

    Blockchain has a different approach. In addition to traditional security, blockchain is open enough to make nefarious activity difficult. It is completely open. Thus, if two people make a transaction using blockchain, all people linked in that universe are updated. Thus, to do something dishonest and hide it would take the cooperation of all the participants. Nothing is impossible. But some things are extremely difficult.

A lot of confusion surrounds blockchain, the technology upon which bitcoin is built. Essentially, it is a platform in which transactions aren’t controlled or managed through a central node. Instead, it is a mesh. Every transaction is updated for everyone. If person A does business with person B, people C, D and E are all automatically updated.

This is a big conceptual change. It is also a big physical change, especially if the number of participants reaches into the millions. Juniper Research’s Blockchain Enterprise Survey for August 2017 showed that corporate understanding of blockchain grew during the past year, which is an assessment echoed by IT Business Edge’s Arthur Cole). Key findings: Fifteen percent of respondents know "very little" about blockchain, while 76 percent believe it could be "quite useful" or "very useful" for their firms.

At this point, blockchain comes with a cost: A bit over one-third, 35 percent, who are considering or actively deploying blockchain feel it will cause "significant internal disruption." More than half, 51 percent, who are considering or actively deploying blockchain feel it will cause "significant" disruption to their partners and/or customers.

Let’s look at where we are with blockchain and its potential.