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A blockchain is an immutable database, only for the addition (without updates, without deletions), in which any new data can not to be in conflict with the oldest data in the database. Also, every piece of data has an owner, is replicated many times and is always available. Finally, everyone is agreeing on the status of the database, even if not c & # 39; is a central authority.
Technically speaking, a blockchain is a linked list or chain of blocks and a block is a group of ordered transactions. All transactions have a transaction ID and are digitally signed by the owner. All transactions are transmitted, so everyone can keep a copy of the blockchain. Miners verify the transactions and work necessary to add a new block of transactions to the blockchain. They manage a consent mechanism to agree on the next block of transactions. to add to the blockchain.A blockchain is also often called a distributed ledger.
In a public blockchain or without permission anyone can write the blockchain, and anyone can read from the blockchain. In a private or authorized blockchain, only identified participants are allowed to read and write.
Key Benefits of the Blockchain
A blockchain allows entities that do not know each other to agree on the status of the database without the need for any intermediary or central authority. In other words, it can create trust among strangers. No entity can reduce the network or censor parts of it.
The key advantages of a blockchain are the fact that it is immutable and the fact that it allows for trust between the parties without a central authority.
Types of solutions in which blockchains can help
POC Blockchains are used for asset tracking payments and payments, smart contracts trading, vote shared record keeping, digital tokens, certificates, origin and loyalty programs / awards
Cases of use of enterprises
According to Gartner (via PwC & nbsp; 82% of blockchain use cases were in the financial sector in 2017, but 2018 saw an increase in use cases, with only 46% relative financial services Other large vertical areas where blockchain testing is underway include transport, retail, public services, production, insurance, health care and government.
The most important use cases are the monitoring of assets in transport and in the government; registers of utilities, health care and insurance; provenance in the retail trade; and trading in securities
When to use a blockchain
Because of the clamor surrounding the blockchain, we are increasingly seeing that it is used in situations where the best or simplest methods may be sufficient, as a database with application logic.
The recent article by Brian Scriber in issue 4 of the IEEE software provides an excellent framework for assessing whether a blockchain is applicable in a given situation.
Based on this document and framework, we have developed the following simplified list of 10 questions that leaders should ask before embarking on the use of the blockchain to respond to a specific need:
1. Is immutability necessary for the proposed use case? The immutability is the certainty that actors in the ecosystem can not change the historical record. If immutability is not necessary, there are simpler methods to guarantee other attributes (for example, that the data has not been modified from its original form).
2. Could it be necessary to remove a record in the blockchain or correct an error? Blockchains are just append, so they will not allow it. For example, the GDPR with its " right to oblivion " can make a citizen's personal data memorable on a challenging / impossible blockchain.
3. Are there multiple entities involved or are you trying to solve an issue within an organization? Because trust already exists within a single organization, blockchain may be excessive and simpler solutions may be sufficient.
4. If multiple independent entities are involved, do entities trust one another? Blockchain removes the need for trust between different entities. If such trust already exists, blockchain could be excessive.
5. Do you need the transparency provided by the blockchain, in which all participants can see the chain (even if individual transactions can be anonymous)? Do you already use external controls (such as depository or notary services) to validate or control transactions and, if so, is it appropriate for you? You may not need a blockchain if the existing controls you have in place are adequate for your needs.
6. Is it important to know that human beings or systems involved in a transaction are able to ensure that transactions can not be counterfeited or compromised? Blockchains are useful when you want to know the identity of the participants in a transaction (for example, which doctor prescribes that drug). Or, if you want anonymity, you still want to be able to prevent X from executing a transaction and making it seem like Y has done it. Do not use a blockchain if this is not important to you.
7. How important is the system to be distributed? A centralized system can meet your needs? The distribution is very expensive, so do not use it unless you really need the benefits that the distribution involves, as the reliability of the system from node errors, the immunity from the actions of a minority of malicious actors and the security and integrity obtained from having more participants confirm the transactions and obtain consent.
8. What are the performance requirements and can a blockchain satisfy my needs? A blockchain is computationally expensive and can only support a limited number of transactions per second – make sure you know what your needs are and compare it to what the blockchain can support.
9. Restricted devices with limited resources must participate as a node in the blockchain? & nbsp; In this case, check and make sure they can handle the computational load imposed by the blockchains.
10. Is there a good architectural integration between the designed application and the blockchain? If the app is non-transactional in nature, how can it be adapted to the transactional model of Blockchain? If different entities have interacted directly with each other in the past, will there be friction in the system to switch to a model in which everyone interacts with a distributed ledger?
Conclusion
Blockchains can solve important problems, but be sure to ask yourself these 10 questions in order to limit their use to situations where there are no simpler solutions.
Do I qualify?
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A blockchain is an immutable database, only for adding (without updates, without deletion), where new data can not conflict with the oldest data in the database. In addition, every piece of data has an owner, is replicated multiple times and is always available. Finally, everyone agrees on the status of the database, even if there is no central authority.
Technically speaking, a blockchain is a list or chain of linked blocks and a block is a group of ordered transactions. Each transaction has a transaction ID and is digitally signed by the owner. All transactions are transmitted, so everyone can keep a copy of the blockchain. The miners verify the transactions and do the necessary work to add a new block of transactions to the blockchain. They manage a consent mechanism to agree on the next block to add to the blockchain. A blockchain is also often referred to as a distributed ledger.
In a public or unauthorized blockchain, anyone can write on the blockchain and anyone can read from the blockchain. In a private or authorized blockchain, only identified participants are allowed to read and write.
Key Benefits of the Blockchain
A blockchain allows entities that do not know each other to agree on the status of the database without the need for any intermediary or central authority. In other words, it can create trust among strangers. No entity can reduce the network or censor parts of it.
The key advantages of a blockchain are the fact that it is immutable and the fact that it allows for trust between the parties without a central authority.
Types of solutions in which blockchains can help
Blockchain POCs are used for tracking resources, payments and settlements, smart contracts, negotiation, voting, keeping shared registers, digital tokens, claims, origin and loyalty programs / prizes. [19659003] Enterprise Use Cases
According to Gartner (via PwC), 82% of the blockchain use cases were in the financial sector in 2017, but 2018 saw an increase in cases use, with only 46% related to financial services. Other large verticals where blockchain testing is underway include transport, retail, public services, manufacturing, insurance, health care and government.
The most important use cases are the monitoring of assets in transport and in the government; keeping records of utilities, health care and insurance; provenance in the retail trade; and trading in securities
When to use a blockchain
Because of the clamor surrounding the blockchain, we are increasingly seeing that it is used in situations where the best or simplest methods may be sufficient, as a database with application logic.
Brian Scriber's recent article 4 in the IEEE software provides an excellent framework for assessing whether a blockchain is applicable in a given situation.
Based on this document and framework, we have developed the following simplified list of 10 questions that leaders should ask before embarking on the use of the blockchain to respond to a specific need:
1. Is immutability necessary for the proposed use case? The immutability is the certainty that actors in the ecosystem can not change the historical record. If immutability is not necessary, there are simpler methods to guarantee other attributes (for example, that the data has not been modified from its original form).
2. Could it be necessary to remove a record in the blockchain or correct an error? Blockchains are just append, so they will not allow it. For example, the GDPR with its "right to oblivion" can make a citizen's personal data memorable on a challenging / impossible blockchain.
3. Are there multiple entities involved or are you trying to solve an issue within an organization? Because trust already exists within a single organization, blockchain may be excessive and simpler solutions may be sufficient.
4. If multiple independent entities are involved, do entities trust one another? Blockchain removes the need for trust between different entities. If such trust already exists, blockchain could be excessive.
5. Do you need the transparency provided by the blockchain, in which all participants can see the chain (even if individual transactions can be anonymous)? Do you already use external controls (such as depository or notary services) to validate or control transactions and, if so, is it appropriate for you? You may not need a blockchain if the existing controls you have in place are adequate for your needs.
6. Is it important to know that human beings or systems involved in a transaction are able to ensure that transactions can not be counterfeited or compromised? Blockchains are useful when you want to know the identity of the participants in a transaction (for example, which doctor prescribes that drug). Or, if you want anonymity, you still want to be able to prevent X from executing a transaction and making it seem like Y has done it. Do not use a blockchain if this is not important to you.
7. How important is the system to be distributed? A centralized system can meet your needs? The distribution is very expensive, so do not use it unless you really need the benefits that the distribution involves, as the reliability of the system from node errors, the immunity from the actions of a minority of malicious actors and the security and integrity obtained from having more participants confirm the transactions and obtain consent.
8. What are the performance requirements and can a blockchain satisfy my needs? A blockchain is computationally expensive and can only support a limited number of transactions per second – make sure you know what your needs are and compare it to what the blockchain can support.
9. Restricted devices with limited resources must participate as a node in the blockchain? In this case, check and make sure that they can handle the calculation load imposed by the blockchains.
10. Is there a good architectural integration between the designed application and the blockchain? If the app is non-transactional in nature, how can it be adapted to the transactional model of Blockchain? If different entities have interacted directly with each other in the past, will there be friction in the system to switch to a model in which everyone interacts with a distributed ledger?
Conclusion
Blockchains can solve important problems, but be sure to ask yourself these 10 questions in order to limit their use to situations where there are no simpler solutions.
