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The World According to Blockchain




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Is Blockchain Overhyped?

Overhype comes with the IT and telecommunications territory. A report from Constellation Research suggests that the use of blockchain for bitcoin may lead people to think that the blockchain technology is a panacea that can be used for many other applications.

How accurate this is remains to be seen. The report suggests that the most important element of blockchain may simply be that it is stimulating "new generations of distributed ledger technologies." Blockchain itself may not be secure enough for the other uses, according to Constellation, which says that "blockchain is neither necessary nor sufficient for many of its suggested applications; in practice it’s massively over-engineered, or incomplete, or both."

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.

 

Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

 
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