Blockchain

For some time now I’ve been a bit skeptical about the promises of blockchain in the business world. I’m a computer scientist and mathematician by training and by instinct, so I have gotten caught up in questions such as the suitability of different forms of blockchain proof, the difficulty of seeking Byzantine fault tolerance, and transaction database [in]efficiency.

However, I have come to realize that the value of blockchain technology does not lie so much in its solving multi-party transaction problems in some provably ideal way, but rather in its solving them in a suitable way—with well-defined interfaces, strong security, and backed by open software and algorithms. This in turn allows it to become a standardized platform. And that standardization is the real value of blockchain: it will both create efficiency and allow for easier innovation on top of it. Of all the solutions we could standardize on, blockchain has the most going for it.

Viva blockchain!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s