Is the blockchain as revolutionary as the Internet or does it just raise a lot ... "smoke"?

Is the blockchain as revolutionary as the Internet or does it just raise a lot ... "smoke"?

By Aristos | cryptobot | 16 May 2020


For some, blockchain technology is triggering a technological revolution similar to the one brought to the Internet and the World Wide Web in our daily lives: its "followers" believe that in the next ten years it could drastically change our transactions, to eradicate bureaucracy and reduce fraud, radicalize the way we archive and cross information and data, or locate objects, "brake" personal data leaks from medical records, fake traffic prescribing drugs and prescribing medical prescriptions, but also to leave a deep imprint on global commodity transit routes and the supply chain on land and sea. By 2030, Gartner's research suggests , blockchain technology - thanks to its "marriage" with the Internet of Things - is expected to contribute an added value of  3.1 trillion. dollars  in businesses worldwide.

For others, however, its dynamics and perspective are simply overestimated. A lot of "smoke", a little "fire", say the most cautious, pointing out that although the blockchain sounds very promising in theory, we have seen little in practice, to verify that this is exactly what the English would call "the next big thing". . Almost everything that has been implemented so far, they warn, is limited to the logic of  "proof of concept"  (stage of confirmation of the correctness of the idea), which means that currently the technology is tested on a very small scale, with few participating "players" and therefore it is not possible to draw safe conclusions about its real dynamics in practice.

Although as a technology it was born almost a decade ago, its use is still in its infancy: if anyone takes to the streets of any developed major city in Europe, the US or Asia and asks passersby "do you know what a blockchain is?", Most likely is that the vast majority of them will just ... shrug. And if some people have heard of this technology, mainly because of its use in the production of widely used cryptocurrencies, such as Bitcoin, it is likely that they will probably not be able to describe in simple terms how what could be described as one works. public digital accounting book, kept in a highly collective and democratic manner *. In other words, blockchain may have already entered our lives, but it is a "terra incognita" for most.

"Terra incognita" for most, but not for well-known retail chains, shipping companies or port authorities in some of the world's most important commercial ports: in the ports of  Shanghai  and Guangdong Province  ,  through which about 50% of its traffic is handled. China's import and export trade - the reason for 1.5 trillion transactions. The port authorities have already invested heavily in blockchain and artificial intelligence with the future goal of upgrading their services from port to port and from warehouse to warehouse. Companies such as  IBM, Maersk, Cosco, Evergreen, CMA CGM, DP World  and  Hutchison they are gradually entering the "game" (read more about the prospect of blockchain in ports, shipping and freight traffic, but also about its first applications, in the second part of the survey, which will be published in APE-MPE next weekend ).

 A large percentage of high-ranking business executives worldwide, who recently   surveyed Deloitte's 1,053 senior executives in seven countries at 74%, say their companies are either already participating or will be joining consortia, along with competitors. with the ultimate goal of solving the "puzzle" of the blockchain and developing relevant applications.

After all, in the last three years alone, it has been estimated that  more than $ 1.4 billion has been invested in the  blockchain and applications for 2,500 patents have been submitted.

Turning seven days into ... 2.2 seconds

Giant companies such as Walmart have incorporated blockchain into their systems. According to a   company announcement , thanks to the use of blockchain technology, a search for tracing -in their source- leafy vegetables, which have been infected, for example, by a germ or bacterium, which until recently lasted seven days , can be completed in just ... 2.2 seconds!

Large banking groups around the world, realizing the rapid changes that may result in transactions in the coming years, have commissioned their staff on related projects, as well as some multinationals in the healthcare and pharmaceutical industries: based on the aforementioned Deloitte survey. 55% of high-level healthcare respondents (health and medical services) agree that blockchain technology will disrupt the industry, while the corresponding percentage for the humanities - including biotechnology, medical devices and drugs - amounts to 72%.

It is also expected to "shake the waters" in the automotive industry (73% of high-ranking executives surveyed as part of Deloitte's research agree that blockchain technology will disrupt the industry), the oil / gas industry (72%), and the financial sector. services (64%), consumer products and manufacturing (56%), technology, media and telecommunications (53%), as well as food (50%) (see here the short informative video of the World Economic Forum ( World Economic Forum ) for blockchain and the changes expected I have on modern  society .

The immigrant, the fan of burgers, the buyer of the car, the employer and the sale of energy ... to the neighbor

Some simple examples of how this technology could be used, even in the simplest of everyday life? An employer will be able to cross-check with great ease if the candidate's degree is fake or genuine. The buyer of a used vehicle will be able to know everything that happened before he first put the key in the starter, from how many kilometers the car has actually traveled to how long its CO2 emissions have been since the first owner grabbed his steering wheel. An immigrant or immigrant will be able to send money to his or her home country without having to pay a high commission. A curious "fan" of burgers will be able to learn everything about the meat he consumes, from where he came from to what route he followed, to get to his plate. The transactions of the energy companies, mainly in renewable energy sources, will be done with much greater speed and transparency, through smart contracts. The transactions of the energy companies, especially in the field of renewable energy sources, will be done with much greater speed and transparency, through the execution of smart contracts. In the future, when it is now commonplace for every citizen to have a photovoltaic or a battery in their home, blockchain technology will enable us to trade energy, trading not only with companies such as PPC, but also with our own neighbor! will be done with much greater speed and transparency, through smart contracts. The transactions of the energy companies, especially in the field of renewable energy sources, will be done with much greater speed and transparency, through the execution of smart contracts. In the future, when it is now commonplace for every citizen to have a photovoltaic or a battery in their home, blockchain technology will enable us to trade energy, trading not only with companies such as PPC, but also with our own neighbor! will be done with much greater speed and transparency, through smart contracts. The transactions of the energy companies, especially in the field of renewable energy sources, will be done with much greater speed and transparency, through the execution of smart contracts. In the future, when it is now commonplace for every citizen to have a photovoltaic or a battery in their home, blockchain technology will enable us to trade energy, trading not only with companies such as PPC, but also with our own neighbor!

 

EUR 340 million for blockchain in the EU by 2020 via Horizon

The European Union, often slow to incorporate new technologies, seems to be taking the blockchain issue seriously. Researcher Konstantinos Botis, an expert at the EU Blockchain Observatory and Forum, explains to APE-MPE), by 2020, under the Horizon 2020 program, there are plans to market 340 million euros specifically for blockchain technology and its various applications in areas such as public administration and e-government, health and insurance, insurance and cybersecurity, finance, energy, autonomous vehicles, etc. Bloc kchain Services Infrastructure (EBSI), organizations (International Association of Trusted Blockchain Applications - INATBA) as well as integrated mechanisms to make blockchain technologies mainstream. So,

The energy consumption of the bitcoin network per unit of time alone is about the same as in all of Greece!

Blockchain operation requires high computing power - and therefore has enormous energy consumption, an issue that concerns all those involved. Speaking to  APE-MPE , cryptographer Angelos Kiagias, a professor at the University of Edinburgh and director of the  Blockchain Technology Laboratory at the same university, points out, for example, that “the energy consumption of the bitcoin cryptocurrency network per unit of time alone is about the same as that of the whole of Greece! The size class is 50 monsters a year! So it is very important to find alternative ways to implement blockchain systems that do not have this power consumption. " In fact, he talks about the blockchain system, designed by himself and his associates, which achieves the lowest possible energy consumption.

Systems controlled by many, not by "giants"

The main reason that blockchain systems have caught the attention of so many businesses and organizations and now employs so many researchers is the increased reliability, transparency and security they provide, even if giants like Amazon, Microsoft and Google, which have huge computing power, they would try to manipulate them. This is because in practice data collection systems can be created that are truly collective and controlled by "the many". This, explains Angelos Kagias, is very different from the situation we face today, where the organization of large-scale data is essentially done exclusively by systems that belong to and are controlled by specific giant companies.

 

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