Challenges of Blockchain Technology for the Enterprise
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Blockchains have attracted overwhelming global interest within the governments and businesses, with applications in key industries, such as finance, insurance, logistics, energy and transportation. The blockchain technology is foreseen as a key component of future smart cities and companies by enhancing the security, data management and process automation. However, there is still a number of challenges on multiple stages that need to be solved prior to substantial adoption of blockchain technology in the enterprise, starting from scalability and manageability of blockchain networks up to integration, privacy and compliance issues. These and other challenges are discussed in the talk, together with existing and future approaches to solve them.
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Challenges of Blockchain Technology for the Enterprise
- 1. SESSION ID: #RSAC Eugene Aseev CHALLENGES OF BLOCKCHAIN TECHNOLOGY FOR THE ENTERPRISE SEM-W02 CTO Chainstack @toxzique
- 2. #RSAC Outline 2 1. Why Blockchain? 2. The Technology 3. Current Adoption 4. Challenges 5. Solutions
- 4. #RSAC Enterprise Blockchain Use Cases 4 https://azure.microsoft.com/en-us/blog/accelerating-the-adoption-of-enterprise-blockchain/
- 7. #RSAC Do You Need a Blockchain? 7 https://eprint.iacr.org/2017/375.pdf
- 8. #RSAC Permissionless vs. Permissioned Blockchain 8 https://www.slideshare.net/Nitishsharma77/blockchain-73134967
- 9. #RSAC Permissionless vs. Permissioned Blockchain 9 https://medium.com/@YacineGhalim/why-we-should-drop-the-whole-bitcoin-vs-blockchain-discussion-e3e38e9a5104
- 10. #RSAC Private Blockchain Advantages 10 Exposure control Transaction censorship Membership restriction Permissioning on various levels Flexible administration Choosing the environment Adding or removing members and nodes Managing permissions Controlling maintenance
- 12. #RSAC Enterprise Blockchain Alliances and Consortia 12
- 13. #RSAC Current Enterprise Blockchain Adoption 13 https://www.slideshare.net/HfSResearch/hfs-webinar-the-20-most-promising-usecases-of-enterprise-blockchain-adoption
- 14. #RSAC Enterprise Blockchain Adoption Plans 14 https://www.gartner.com/newsroom/id/3873790
- 15. #RSAC What Early Adopters Say 15 “Among 293 CIOs of organizations that are in short-term planning or have already invested in blockchain initiatives, 23 percent of CIOs said that blockchain requires the most new skills to implement of any technology area, while 18 percent said that blockchain skills are the most difficult to find. A further 14 percent indicated that blockchain requires the greatest change in the culture of the IT department, and 13 percent believed that the structure of the IT department had to change in order to implement blockchain.” https://www.gartner.com/newsroom/id/3873790
- 16. #RSAC Top 10 Pitfalls 16 1. Misunderstanding or ignoring the purpose of blockchain technology 2. Assuming that current technology is ready for production use 3. Confusing future blockchain technology with the present-day generation 4. Confusing a limited, foundation-level protocol with a complete business solution 5. Viewing blockchain technology purely as a database or storage mechanism 6. Assuming interoperability among platforms that don’t exist yet 7. Assuming that today’s leading platforms will still be dominant (or even extant) tomorrow 8. Assuming that smart contract technology is a solved problem 9. Ignoring funding and governance issues for a peer-to-peer distributed network 10. Failure to incorporate a learning process https://www.gartner.com/smarterwithgartner/top-10-mistakes-in-enterprise-blockchain-projects/
- 17. #RSAC Enterprise Blockchain Adoption Challenges 17 Organizational • Internal stakeholder buy-in • Network governance • Adoption by network participants • Lack of talent • Regulation Economic • Incentives for network participants • Cost of new IT, implementation and integration • Quantifying the ROI Technological • Maturity • Performance • Interoperability • Privacy • Manageability • Ease of integration • Supportability
- 18. #RSAC Existing Blockchain Solution Providers 18
- 19. #RSAC Issues of Blockchain Solution Providers 19 Protocol, cloud and vendor lock-in Arbitrary pricing Not truly decentralized Not friendly to blockchain ecosystem Not interoperable Still complicated to build applications
- 21. #RSAC Apply What You Have Learned Today 21 Next week you should: Attempt to find the problems within your organization (or in your industry vertical at large) related to lack of transparency, expensive or slow value transaction, excessive paperwork In the first three months following this presentation you should: Read about blockchain and understand whether it is the right technology to fix these problems Within six months you should: If blockchain is the right approach, talk to me and we will build a solution :)