Purpose The purpose of this article is to clarify current and widespread misconceptions about the properties of blockchain technologies and to describe challenges and avenues for correct and trustworthy design and implementation of distributed ledger system (DLS) or Technology (DLT). Design/methodology/approach The authors contrast the properties of a blockchain with desired, however emergent, properties of a DLS, which is a complex and distributed system. They point out and justify, with facts and analysis, current misconceptions about the blockchain and DLSs. They describe challenges that these systems will need to address and possible solution avenues for achieving trustworthiness. Findings Many of the statements that have appeared on the internet, news and academic articles, such as immutable ledger and exact copies, may be misleading. These are desired emergent properties of a complex system, not assured properties. It is well-known within the distributed systems and critical software community that it is extremely hard to prove that a complex system correctly and completely implements emergent properties. Further research and development for trustworthy DLS design and implementation is needed, both practical and theoretical. Research limitations/implications This is the first known published attempt at describing current misconceptions about blockchain technologies. Further collaborative work, discussions, potential solutions, evaluations, resulting publications and verified reference implementations are needed to ensure DLTs are safe, secure, and trustworthy. Practical implications Interdisciplinary teams with members from academia, business and industry, and from disciplines such as business, entrepreneurship, theoretical and practical computer science, cybersecurity, finance, mathematics and statistics, must be formed. Such teams must collaborate with the objective of developing strategies and techniques for ensuring the correctness and security of future DLSs in which our society may become dependent. Originality value The value and originality of this article is twofold: the disproving, through fact collection and systematic analysis, of current misconceptions about the properties of the blockchain and DLSs, and the discussion of challenges to achieving adequate trustworthiness along with the proposal of general avenues for possible solutions.

The research described in this report was carried out by a team consisting of Michael Haney (team leader), Maria Shkaratan (specialist in governance and social issues), Veronika Kabalina (research manager in Russia), Vladimir Paniotto (research manager in Ukraine), and Cosima Rughinis (research manager in Romania). Michael Haney is the principal author of this report, which benefited from inestimable contributions by Maria Shkaratan and the reports prepared by the research managers in each of the three countries. Lee Travers guided the preparation of the report as sector manager. Special thanks are owed to Laszlo Lovei for his comments and insights, and to Janis Bernstein and Nora Dudwick for valuable contributions made during the development phase of the research.

No abstract

No abstract