Not so long ago it was impossible to escape the word “Cloud” in any technology supplier’s marketing material. So much so that the term “Cloud Washing” emerged, I even wrote about this at the time (slightly dated perhaps; over 6 years ago!) frustrated at the blatant attempts by some vendors to jump on the bandwagon.
Fast forward to present day; according to Gartner, we are nearing the end of the “Peak of Inflated Expectations” where Blockchain is concerned. I think we can all breathe a sign of relief if this is actually true. Unfortunately I think we have a fair way to go yet.
It’s particularly disappointing that by simply adding “blockchain” to one’s company name is profitable; “blockchain washing” of epic proportions, far exceeding the cloud washing efforts of technology vendors over the past 10 years.
The main problem with blockchain washing is that some of the very valid use cases are being drowned out by the useless noise and veritable blockchain mania.
Distributed ledger technology is a fantastic technological innovation that can provide significant benefits when being used appropriately. However, it is wholly unsuitable for some of the purposes that I have encountered.
Perhaps best exemplified by the recent PonziCoin parody.
Q: Is this a scam?
A: Yes, it's as much a scam as 99% of the ICOs out there, but it's more transparent about it :)
Be warned – blockchain is not suitable for everything! There are many scenarios where it would be a bad idea to use blockchain technologies. These include:
There are plenty of valid existing architectural patterns that have served us well to date, but there are also some clear examples where blockchain technology would provide a far better option.
So aside from cryptocurrencies what are the good use cases for Distributed Ledger Technology (DLT) or using a blockchain?
There are other scenarios of course, as with all technology choices, it’s important to weigh up all the pros and cons.
At Atam ID we are building identity solutions that leverage blockchain technologies to ensure that attributes can be re-used appropriately, with the user in control of their identity.
We take security seriously which is why we’ve been assessed and certified for addressing cybersecurity effectively and mitigating the risk from Internet-based threats.