Live From the World Economic Forum Industry Strategy Meeting: Breaking the Blockchain Hype - Ep.68
Jun 20, 2018
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Panel discussion at the World Economic Forum Industry Strategy Meeting on the use of blockchain for elections, B2B applications of blockchain, and safe identity-related data. Anecdotes about Silicon Valley safaris and old World's Fair tickets. Also explores applications of blockchain technology in various sectors and the challenges of utilizing blockchain in the pharmaceutical space. Discusses potential use cases for blockchain, risks for human rights, adoption in enterprise and government sectors, limitations of blockchain for identity, and policy and governance in emerging technologies.
Blockchain can be utilized in various sectors for supply chain tracking and trade finance processes.
Blockchains can enhance aspects of elections, but careful assessment is needed to determine if they are the right solution for specific challenges.
Storing personally identifiable information directly on the blockchain is not recommended, but using blockchain for metadata and consent records can ensure data integrity while allowing individuals control of their information.
Deep dives
Blockchain Use Cases: Supply Chain, Trade Finance, and Government
Blockchain technology can be effectively utilized in various sectors. In terms of supply chain, it can be used to track and ensure the authenticity of goods and enable more efficient trade finance processes. Additionally, governments in developing countries are exploring blockchain for applications such as land registries, which could simplify transactions. These use cases present early benefits and demonstrate the potential of blockchain technology in different industries.
Pros and Cons of Using Blockchain for Elections
The panel discussed the use of blockchains for elections, highlighting the advantages and limitations. While blockchains can enhance voter registration and result tallies, they may not solve the coercion problem or provide complete anonymity for voters. The panelists emphasized the need to carefully assess whether blockchain is the right solution for specific election challenges. They also acknowledged the importance of building trust in the voting system and preserving public confidence through transparent and verifiable processes.
Identity Management on Blockchain: Data Integrity and Privacy Considerations
The panel explored the topic of identity management on blockchain and its implications for data security and compliance. They emphasized that storing personally identifiable information (PII) directly on the blockchain is not recommended due to transparency and immutability concerns. Instead, they proposed using blockchain for metadata, public keys, signatures, and consent records. This approach allows for data integrity while enabling individuals to control access to their information. The panelists acknowledged the challenges of reconciling blockchain with privacy regulations and highlighted the importance of finding technical solutions and policy frameworks that align with evolving requirements.
Blockchain should be used when there is a market failure or a need for a different trust model
The podcast highlights that blockchain should be used when there is a market failure or a need for a different trust model between participants. The speaker emphasizes the importance of being honest with the analysis and questioning whether a traditional solution or a blockchain solution is necessary. In most cases, a traditional solution is called for, and blockchain is a unique tool reserved for when there is a market failure. However, the speaker also acknowledges that blockchain is still in its early days and should be considered as a grand experiment in a new type of infrastructure and architecture.
Companies should prioritize unachievable outcomes over just incorporating blockchain
The podcast discusses the importance of companies prioritizing projects that have unachievable outcomes without blockchain, rather than just adopting blockchain technology for the sake of it. The speaker advises against working with customers who only express an interest in blockchain without a specific problem to solve. Instead, companies should focus on projects where blockchain is necessary for a unique trust model or solving a specific problem. The podcast also mentions the prevalence of companies engaging in blockchain discussions out of curiosity or interest in learning, but these engagements often do not lead to becoming actual customers. The speaker emphasizes the need for companies to be open-minded and consider proposals from startups that are closer to the state of the art and may have valuable solutions to offer.
This is a live recording from a panel I moderated at the World Economic Forum Industry Strategy Meeting. The speakers included Shwetha Shetty Senior Director, Corporate Strategy Group, of SAP, Adam Ludwin, CEO of Chain, Brian Behlendorf, executive director of HyperLedger the Linux Foundation and Sheila Warren, project head of blockchain and distributed ledger technology at the World Economic Forum.We dive into the pros and cons of using blockchains for elections. which types of problems are best-suited to be solved by blockchain, why B2B applications of blockchain might come before B2C products and what kinds of identity-related data might be safe to put on a blockchain. Plus, Adam reveals some entertaining anecdotes about Silicon Valley safaris and how old World’s Fair tickets could have an analog to blockchain systems today.
Episodes I referenced during the discussion in case listeners want to dive more into the elections topic:
