The Bitcoin cryptocurrency keeps cropping up in the news. Cryptocurrencies are based on blockchain, a digital, public distributed ledger. The main motivation for cryptocurrencies relate to uncertainties related to intermediaries. Many are now advocating using blockchain as a universal solution for transactions, whether it is goods, services or information that needs to transferred or exchanged. Unfortunately, it’s not that simple.
Some people compare blockchains to giant spreadsheets, where all transactions between given parties are registered and approved. Every time a new transaction is performed, it is added to the blockchain – and also copied to all users. The result is a solution that is independent from intermediaries – all the blockchain participants have the same information at a given time, which enables making the majority adjudicate any disagreements.
Running a blockchain is not free, however, and there are some strict requirements on the operations the users must perform. This contributes to making blockchains unsuited to fulfilling some of the expectations they are met with. In this talk, we will briefly cover the basics of what a blockchain is, and then go on to describe five application areas where blockchain probably cannot provide a good solution.
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