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Blockchain - what is it good for?

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A critical view on the blockchain status-quo - is the technology revolutionary, does it solve problems and how.

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Blockchain - what is it good for?

  1. 1. Blockchain – what is it good for? Bozhidar Bozhanov, CEO @ LogSentinel
  2. 2. Terminology Blockchain DLT Cryptocurrencies Private / permissioned
  3. 3. Key Strengths of blockchain Provably Immutable* Distributed Trustless Hyped  * Conditions apply
  4. 4. Main drawbacks of blockchain Expensive (if public) Volatile Not scalable Not mature Hard do code and support
  5. 5. Real use cases? E-voting Food safety provenance Land registry Real estate deals Insurance claims Music royalties sharing Waste management Ads exchange Inventory management Healthcare data Hotel reservations Ride sharing
  6. 6. What do these have in common? They can be done with blockchain They benefit nothing from being distributed They ride the hype and FOMA They will be very hard to support Why blockchain then?
  7. 7. Why “distributed” is not going to fly Users don’t care You have a centralized place to get the “app” anyway Private key management sucks It doesn’t solve many real world problems
  8. 8. Cryptocurrencies? “Bitcoin combines the Libertarian's two favorite things: property and not understanding economics” --@ReinH … 21st century tulip mania
  9. 9. Blockchain is not the new internet
  10. 10. Blockchain is not a 10x improvement over anything
  11. 11. …but it is very cool!
  12. 12. Technology components Tamper-evident data structures Byzantine fault tolerance Shared database Shared code execution
  13. 13. Blockchain can solve problems Prove unmodifiability Internal lack of trust Multi-stakeholder databases • Prove to 3rd parties that data has not been tampered with • Logs, documents • LogSentinel and Raiffeisenbank usecase • Internal actors modifying data • Anchor to public blockchain, avoid scalability and cost issues • LogSentinel and SEGA usecase • E.g. higher education diploma registers • Practically a signed, shared database • Car manufacturer + dealers usecase
  14. 14. Each component of blockchain can solve real world problems.
  15. 15. Blockchain, blockchain, blockchain
  16. 16. Blockchain is the new cloud …enabling digital transformation through buzzwords
  17. 17. Remember all those projects? They didn’t need blockchain, but blockchain was the driver behind them.
  18. 18. Elements of a blockchain project Digitize processes Protect data integrity Share a database with partners Use familiar technologies
  19. 19. Blockchain is not a revolution. Blockchain can be the right tool for the job. Just not for every job.
  20. 20. Thank you! • For more information visit: logsentinel.com • Or contact us at: contact@logsentinel.com

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