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Blockchain
12-09-2018, 07:07 PM.
Post: #91
RE: Blockchain
hi AQ,
Lets keep this Blockchain thread for the purists and technocrats.

Any comments on crypto currencies and its speculation, it should be in the other bitcoin thread Smile

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13-09-2018, 08:44 AM.
Post: #92
RE: Blockchain
(12-09-2018, 02:44 PM)Wildreamz Wrote:
(12-09-2018, 08:42 AM)Sampling Wrote: These are just my own POV on the Pros and Cons of Blockchain, not specifically on Bitcoin but it's uses as a whole. Also when I first looked at the blockchain tech, there are certain industries that had adopted parts of the blockchain concept/tech probably more than 20 years ago, e.g. the lottery and 4D companies.


Pros
-Ease of implementation, the Blockchain tech provides a good base for companies to implement a "fairly secure" platform for processing transactions (not limited to Bitcoin.
-Transaction logging and tracking - automatically built in the Blockchain tech, the detail/level of logging/tracking hard to implement on conventional systems.
-Ease of migration - Data and transactions easily migrated to newer tech (e.g. newer blockchain technology).
There are other benefits the Blockchain have, but I feel the above is perhaps the advantage of Blockchain vs other conventional systems/applications.

Cons
-Security - Decentralising also means decentralising one of the most important control to protect systems/applications, i.e. Access Controls. This means more hackers have a wider attack vector to gain unauthorised access to systems/applications using blockchain.
-As transactions can't be "deleted" off, if the Blockchain system is compromised, it could mean the "death" of the system depending on how bad the compromise is. A compromised from an integrity perspective affects the entire system. A compromised from a confidentiality perspective affects the entire system as well. Very different from the traditional systems whereby things can be "contained under containers" or segregated.
-Taking reference to the above point, Blockchain systems like any other systems built by developers have a certain margin of bugs or errors programmed in the code. Any bugs in the underlining programming language that was used to build the Blockchain system affects the entire transaction/ledger of the Blockchain system.
-The way Blockchain tech works, it makes it difficult to process transactions at an optimised rate. If a Blockchain grows too complex or too big before the infrastructure is ready to support it, it can lead to transaction speed issues.

While enterprise blockchain applications will be a significant step forward (I see it akin to established enterprises in the early 2000s using the internet to make their back-end more streamlined and efficient), I think the biggest return would come from the small startups (today or the near future) that build brand new business models, that will change the world on the inside out.

IMHO, i think blockchain is akin to those days when a client-server environment was first introduced not really something as big like the Internet. Or perhaps when object oriented programming was introduced...the Internet, I see it more akin to the "infra/network" layer e.g. like how Wireless networks was first introduced.. just my humble opinion..

I think while there's a lot of hype on Blockchain, what JB is doing with AWS is really something with foresight and they are slowly "conquering" the market... In the near future, we won't need an "infra" person anymore and organisations can rent the infra from AWS...  really liked what he's doing with AWS.. missed the boat on Amazon as their stock price has always been on the higher side of the 52 week high and I was too chicken to buy it at that price with such high valuations at that time.

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