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Blockchain: Ledger for Data Trust, Security, Transparency, and Traceability
“Blockchain is becoming a legitimate disruptor in a myriad of industries… The technology can revolutionize government, finance, insurance and personal identity security, among hundreds of other fields.” — Sam Daley, SEO Strategist at Builtin.com
Versus
“Blockchain is not only crappy technology but a bad vision for the future. Its failure to achieve adoption to date is because systems built on trust, norms, and institutions inherently function better than the type of no-need-for-trusted-parties systems blockchain envisions. That’s permanent: no matter how much blockchain improves it is still headed in the wrong direction.” — Kai Stinchcombe, CEO of True Link Financial
Which is it? The greatest disruptor and spark that will enable positive revolution for all industries, or is it destained to be an accursed failure? It’s too early to say, but one thing that is certain is that blockchain mindshare is growing rapidly. Coinbase lists more than 100 coins that publicly can be purchased. And many businesses have their own blockchains and projects. IBM has worked on more than 500 different cryptocurrency projects.
Why are businesses interested? Don Tapscott, technology author, said that “the Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Blockchains can store data in a decentralized way. They are trusted because data is transparent, immutable, secure and private.
But some argue that many implementations of blockchain are slow and energy inefficient. In addition, there are scalability and security issues.
For businesses, the bottom line should be, ‘Can blockchain provide a compelling benefit or advantage not available with more traditional technology?’
Kiran Garimella, CTO at KoreConX, said that “executives don’t care about blockchains. It’s not blockchain that solves the problem. It’s the application sitting on the blockchain that solves the problem.”
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[…] blockchain,” Information Management, 2 January 2018 (out of print). [4] Dick Weisinger, “Blockchain: Ledger for Data Trust, Security, Transparency, and Traceability,” Formtek Blog, 16 February 2022. [5] Ibid. [6] John Walker, “Is Blockchain’s Role in […]