Inside the blockchain hype

Blockchain brings several features not available with traditional databases

• Decentralization

• Immutability

Blockchain is a technology that allows us to store and manage information in a special way. It is like a digital ledger or a record book that keeps track of transactions or data. What makes blockchain special is that it is decentralized, meaning that there is no central authority controlling it. Instead, the information is stored on many different computers called nodes, and these nodes work together to verify and validate the information.

Think of it like a group of friends who want to keep track of their expenses. Instead of having one person in charge of the record book, they all have a copy of the book, and whenever someone spends money, they all update their copies. This way, everyone has the same information, and it is difficult for someone to cheat or change the records without the others noticing.

However, it isn't a solution to every problem

• Blockchain doesn't apply to every possible use case

• Blockchain does not have potential security vulnerabilities

• Blockchain is currently in it's "dot com boom"

Understanding the security assumptions and vulnerabilities of the blockchain is essential to realistic risk assessment