A Review of the MIT EF Blockchain Presentation, Radware Blog
A Review of the MIT EF Blockchain Presentation
By now, almost everyone has heard of Bitcoin and blockchains. Mainstream news, investment platforms, Wall Street, and everyone else is talking about this technology spil the most amazing discovery since the internet. Many have called a Bubble on the Crypto Coins and likened it to Tulip Mania, while others caution about the Dot Com Bubble and how this has the same look and feel of that. One thing is for certain: There will be some winners te the technology space, and some form of blockchain technology will live on, just like the dot com did. Wij all still use the internet and dot com companies spil an everyday thing. Can wij look at the past “dot com bust” and predict the future of blockchain, cryptos and the future of this technology?
I recently attended the MIT Enterprise Forum on building the blockchain ecosystem.
The group of speakers consisted of Lawrence Lerner, (from Rchain), Ryan Strauss (Seattle University Schoolgebouw of Law), John Utley (IBM), and Jagan Namani (Madrona Ventures). Spil the speakers introduced, I had a few key questions that I wished to learn about:
Photo: Collin Sleeper, PYXD Photography
- What’s happening from a regulatory standpoint?
- How is funding done and what are fundamental differences ter the blockchain industry that are driving this switch?
- What makes a solid business prototype for blockchain businesses?
- Picks and Shovels vs. Industry solutions – Which drives adoption quicker?
I wasgoed excited to hear about what IBM wasgoed doing ter the space, especially because of my curiosity around Stellar Lumens and the IBM CryptoCoin. John Utley from IBM spoke about all of the various ways IBM Blockchain technologies are finding ways to overeenkomst with supply chain at Boeing spil well spil many other companies. On Tuesday, IBM announced it teamed up with the world’s largest container shipping company, A.P. Moller-Maersk, to provide a fresh verhoging for conducting global trade using blockchain technology. Wij attempted to get John to share more about Stellar Lumens and some of the banking partnerships IBM has te the South Asia Pacific region, but unluckily the event ran out of time to get the reaction. Hopefully people following IBM will learn more on their next earnings calls.
From the question on what’s happening from a regulatory standpoint, I think there are some insights that were given, but wij still are so early on te some of the technology that it’s mere speculation. This week, similar to January 2018 and 2016, the crypto market had another big rollercoaster rail. Fears that the Korean government are embarking to regulate crypto currencies spil well spil China and Russia may have played into the large price druppel te crypto currencies. Some of the discussion that did shed light on this is how some companies are now kicking off to look at brainy contracts using blockchains. There’s still no legal established practices ter the U.S. today for this, however, wij may see some of thesis switches for blockchains establishing trust ter legal frameworks.
One of the more interesting topics that came up during this event wasgoed the idea of digital voting using Blockchain. There is a whitepaper from Plymouth University that talks about how voting could be switched and much more secure using a blockchain.
Voter registration could be tied to unique cryptographic addresses for each voter and upon proof of identification and the voter registration QR code, voting could be done with a web browser or at any polling station. The possibility of having voting records on a public blockchain and no longer using paper ballots could be a excellent reduction ter error, voter fraud, and attacks on the voting toneel itself.
Ter the coming years wij are going to see more adoption of blockchain technologies:
How can the automotive industry use blockchains?
Today, it’s conceivable that an automaker will be able to track the provenance of a part from inception to disposition. By using a blockchain, a unique ID for each and every part is created and recorded, along with immutable timestamps from the uur of creation. Crypto-enabled tags that speak directly to the blockchain can be embedded directly into the part to add another layer of authenticity protection. This cuts out enormous costs to middle dudes logistical tracking.
Streamlining of the Supply Chain and Business Processes
Every industry from banking to manufacturing has the problem of a elaborate IT landscape. Whether the IT system complexity came from mergers of companies or through an organic growth of IT systems to meet the needs of business, every large multinational organization fights to maintain and run IT systems that span the width of mainframe, C/S and cloud apps, different operating systems, and different programming languages.
Blockchain offers the chance to simplify. Because blockchains enforce a single source of truth, te real-time, the risk of two systems having conflicting information drastically reduces. Systems and people can act with more confidence, and quicker, because they are accessing true and trustworthy gegevens ter that uur. Because there’s a single source of truth, there’s less of a need for auxiliary systems to reconcile errors and inconsistencies, suggesting the hope of reducing system complexity. Because system complexity is diminished, businesses can react quicker to market requests to release a fresh product, provide value-added services or optimize operational efficiency ter the supply chain. Blockchains bring simpleness and speed to sophisticated and slow systems, while reducing the costs to run IT. CIOs, CTOs and CFOs should be able to make a strong case for cost efficiencies by implementing blockchain technologies.
Global retail giant Walmart hosted a presentation on its work with blockchain during an annual investor event. The company began working with IBM and Tsinghua University of Beijing last year to test blockchain-based supply chain applications, with a particular concentrate on China’s massive pork market. Ter follow-up statements, Walmart indicated it wished to apply the tech to various areas – and more recently, CoinDesk reported the company is looking at blockchain spil a tracking solution for unmanned delivery vehicles. Walmart explained that the technology has helped it diminished the time it takes to track food from days to minutes, enabling more effective response te the event that tainted products are discovered.
This will help enable precise and rapid recalls to preserve consumer trust te the food industry, while enlargening traceability and transparency of the food system
Ter the coming years wij are going to see more adoption of blockchain technologies and see the uses expand. While many are witnessing crypto currencies spil the next gold rush, will the blockchain itself become the next big technology gold rush? One thing is certain, blockchain is here to stay. Spil regulators and technologists work side by side, wij will start to see fresh ways that both the cryptocurrency world and the blockchain will form the future.
While wij witness the adoption of thesis technologies, there’s a number of things wij believe you might want to consider. Blockchain is not a magic bullet. Unlike the public blockchains, if you are integrating a blockchain into your business, it is a private blockchain. The enterprise wields the blockchain and is writing and verifying each transaction, spil well spil gives permissions to a limited community. Ter this proefje, it’s essentially almost the same spil not having a blockchain and running a database. The 2nd thing to consider is this can become a loterijlot more complicated with compliance like GDPR, where users have the right to be forgotten. How would you purge all gegevens from a distributed ledger should a user wish to be forgotten? With this said, blockchain technology has its advantages, but don’t let a hot trending buzzword become your go to solution for security.
To witness the utter panel discussion, you can see the movie here.