Hype is a built-in feature of business technology.
Sometimes, technology impact on business is minimal; Apple releases a new watch, Google designs computerised eyeglasses, Microsoft’s Windows 8.
Sometimes, technology goes unrecognised and then changes the world; the impact of Google’s search engine, iTunes network effect, the rise of the mobile.
Often, the technology comes from established companies recognized for innovation: the Apple iPhone. Just as often, the technology comes from a garage and a drop out University kid: facebook. Continue reading “BlockChain; Triaging Investment Opportunities”
Quantum Computing is a new type of computer chip which promises exponentially faster processing than our current super computers.
BlockChain is secured by a mathematical algorithm that relies on the fact that today’s computers can’t process data quickly enough to ‘hack’ an identity on a BlockChain.
Therefore, if quantum computing becomes real, there is a potential weakness in the cryptography systems that underpin security on a BlockChain – as well as our current banking infrastructure, Internet payments, military and countless other applications.
Continue reading “Threats to BlockChain: Part 4 Quantum Computers”
A network of participants is where many people or entities decide to join a collaborative initiative and agree to abide by the rules set either technically or by convention. When a network becomes valuable and possibly self-sustaining through the number of entities participating it said to have reached a critical mass.
There are a certain number of participants that make this facility useful which depends on the context on the collaboration. For example, there is a definite value to email which only has 2 people involved but social networks rely one person being connected to lots of people who, in turn, are connected to lots of people.
Continue reading “Threats to BlockChain: Part 3 Critical Mass of Network Participants”
BlockChain removes intermediation within transactions. It uses a mathematical technique to prove that someone owns something, and that someone transferred that ownership to someone else.
This replaces a trusted third party in many commercial situations. For example, being paid for a product, transferring ownership of a house to another person or even when a supplier requires a courier document saying the buyer has received goods.
There are many profitable lines of business made on the lack of trust between parties in all industries. It is unfortunate to say this but there may be considerable pressure on organisations to maintain those lines. One way of doing this is to sabotage the adoption of a substitute technology adoption for as long as possible.
Continue reading “Threats to BlockChain: Part 2 Sabotage”
BlockChain technology is in its infancy. There are a very broad set of investigations taking place to find the best use of BlockChain enabled processes and applications. Both the technology and their use cases have significant hurdles to overcome before they become accepted within business and consumer eyes.
However, there are a few things getting in the way of its adoption.
Over the next few posts, I examine those threats and propose ways they can be mitigated to allow the more significant benefits of BlockChain to be enabled.
Continue reading “Threats to BlockChain: Part 1 Correspondent Banking for the masses”