IET Blockchain Applications In The Real World (IET Central London Network)

Explaining the benefits of blockchain
"Zero knowledge proof is reshaping Blockchain" discussed Adi Ben-Ari of Applied Blockchain at the IET Central London evening lecture held at IET Savoy Place titled ‘IET Blockchain Applications in the real world’.

Adi gave examples of many different Blockchain applications in the real world and how they differ in using the same Blockchain technology mechanisms. Some take advantage by entering values within the empty spaces and use it to store and communicate information, whilst others take advantage of other characteristics of Blockchain such as immutable properties, distributed database and asset management.
He spent some time explaining how Blockchain reduces risk and increases efficiencies, and specifically explaining that in terms of ‘Process-integration’, Blockchain typically is only seen to give 10 % value as the fundamentals are based off distributed system connectivity - applicable to any distributed system. He then explained how when it comes to 'Physical & Digital Assets' Blockchain gives 60 % more value due to accurate asset history, whilst for ‘Payments’ it actually gives 30% value based on speed and automation mechanisms.

Interestingly, he mentioned that by 2021 all current Blockchain mechanism in use today will need some significant overhaul as the technology is maturing rapidly, for example, 'recursive proof composition' has only come about in the last 6 months which allows an entire Blockchain to be verified in one function - this compared to how existing Blockchain methods function demonstrate that Blockchain is constantly evolving.

He mentioned that most Blockchain efforts either private or public, now find it easy to create commercial ecosystems, however, some are so segmented now that open integration is getting difficult to do, in some cases integration is just not possible. In terms of asset tracking, Blockchain is one of the most deployed technologies currently, and it’s use is further supported when considering how it reduces the security risk of asset compromises, for example, the barriers to entry for Blockchain manipulation is fairly high which makes Blockchain mechanisms a natural deterrent for potential attacks.

One of the more innovative examples given, was how Blockchain technology is being used in a refugee camp where refugees receive rations directly by the charity using the individuals iris details as a the 'wallet' - this ensures rations are provided straight to the refugee and cuts out the cost of the broker charities.

A practical evening lecture that explained how Blockchain functions are similar to database stored-procedures just with enhanced features, allowing the creation of many innovative Blockchain applications.

Click here to review the slides http://bit.ly/2Qej3se

 
Posted by Rimesh Patel on Nov 15, 2019 10:22 AM Europe/London

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