Enterprise Blockchain Use Cases

Tempesta, Stefano

doi:10.1007/978-1-4842-5311-3_8

Introduction to Blockchain for Azure Developers 2019

DOI: 10.1007/978-1-4842-5311-3_8

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Enterprise Blockchain Use Cases

Stefano Tempesta¹

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“…This suggests an opportunity for standards, particularly in terms of the type of data, how it should be stored, possibly cryptographic requirements and levels based on the type of product, and also the length of time the data could be and should be stored (INT01). An additional aspect for consideration would be the tokenisation mechanisms 58 (Christidis & Devetsikiotis, 2016) and whether the complexity of the transactions permits the use of DLT/Blockchain effectively (Greenspan, 2016). However one interviewee suggested that before the widespread use of DLT/Blockchain for provenance tracking is considered, the norms for DLT/Blockchain-based supply chain transactions would need to be established (INT11 Lewis (2015).…”

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Understanding the landscape of Distributed Ledger Technologies/Blockchain: Challenges, opportunities, and the prospects for standards

Deshpande¹,

Stewart²,

Lepetit³

et al. 2017

105

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We would also like to thank the many individuals who kindly agreed to be interviewed as part of this study. We would like to acknowledge the guidance and support provided throughout the project by Dr Jon Freeman (RAND Europe) and Dr Catriona Manville (RAND Europe). In addition, we thank Rebecca Ioppolo (RAND Europe) for her research support and Jessica Plumridge (RAND Europe) for designing the visualisations in the report. Finally, we very much appreciate the helpful and timely comments of our RAND Europe quality assurance reviewers, Dr Molly Morgan Jones and Dr Elta Smith. x Understanding the landscape of Distributed Ledger Technologies/Blockchain xii Understanding the landscape of Distributed Ledger Technologies/Blockchain Lack of clarity regarding smart contracts and how to implement them through DLT/Blockchain Uncertainty around regulation Maintaining security and privacy of data Energy-intensive nature of the technology 6 Bitcoin is an open source, decentralised, peer-to-peer payment network maintained by users, with no central authority. Bitcoin provides completely digital money for transactions on the Internet/web (i.e. it has no offline equivalent). For more details, see Bitcoin (2017) and Glance (2015). 7 The term 'fiat currency' refers to 'currency that a government has declared to be legal tender but it is not backed by a physical commodity.… Most modern paper currencies are fiat currencies; they have no intrinsic value and are used solely as a means of payment' (Investopedia, 2017). 8 Cryptocurrency refers to a digital or virtual currency which uses cryptographic measures for security purposes. See http://www.investopedia.com/terms/c/cryptocurrency.asp (as of 13 March 2017). 9 A smart contract is 'a set of promises, specified in digital form, including protocols within which the parties perform on these promises' Szabo (1996), as quoted in Murphy & Cooper (2016). 10 See, for example, the Blockcerts project, which encourages the recording of academic certificates on a Blockchain for efficient verification by employers (Blockcerts, 2017). Permissioned and permissionless ledgersPermissionless, or public, ledgers are seen by some as the 'purest' form of Blockchains (Brennan & Lunn, 2016). A typical example of a permissionless, or public, Blockchain is the one that underlies the Bitcoin network. In this type of configuration, the participation is 'permissionless' and anyone can take part in the ledger and validate transactions, with fully devolved authority (Bogart & Rice, 2016). Participants are identified through pseudonyms or are kept anonymous, and transactions are validated by 'miners' through an incentivisation system (Biondi et al., 2016). This form of distributed ledger enables high security but also incurs high transaction costs due to the resource-intensive consensus mechanism 11 (Brennan & Lunn, 2016).Permissioned, or private, ledgers have attracted attention from businesses (Bogart & Rice, 2016). This type of ledger restricts transparency by disclosing the identity of participants in the netw...

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Understanding the landscape of Distributed Ledger Technologies/Blockchain: Challenges, opportunities, and the prospects for standards

Deshpande¹,

Stewart²,

Lepetit³

et al. 2017

105

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Enterprise Blockchain Use Cases

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Understanding the landscape of Distributed Ledger Technologies/Blockchain: Challenges, opportunities, and the prospects for standards

Understanding the landscape of Distributed Ledger Technologies/Blockchain: Challenges, opportunities, and the prospects for standards

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