Today's Hard|Forum Post
Today's Hard|Forum Post

Friday October 12, 2018

Blockchain Doesn't Solve Everything

"Blockchain" is a hot buzzword in the business world, and some companies are trying to cash in on the hype. However, a new report by the National Institute of Standards suggests that blockchain can't necessarily solve all the problems people are throwing it at. Relative to traditional storage systems and databases, blockchain systems have a significant amount of overhead. Existing implementations aren't nearly as immutable as most would suggest, and the decentralization doesn't fully protect data from malicious actors. ITNews published an good flowchart for blockchain use cases, which shows just how specific those use cases really are.

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There is a tendency to overhype and overuse most nascent technology. Many projects will attempt to incorporate the technology, even if it is unnecessary. This stems from the technology being relatively new and not well understood, the technology being surrounded by misconceptions, and the fear of missing out. Blockchain technology has not been immune.