NIST publishes blockchain reports to explain technology to newcomers in the industry

nRunaway Comment: By 2018, the heat of the blockchain is still rising, so more and more businesses are drawn to this new technology and are beginning to consider applying it to their businesses. To give these groups of people exposed to the blockchain an accurate understanding of the technology, the National Institute of Standards and Technology (NIST) recently released a report outlining the technology to remind its readers to use the blockchain First judge whether it is suitable for your company.n
nTranslation: Inan
The National Institute of Standards and Technology (NIST), a unit directly under the US Department of Commerce, recently released an overview of blockchain technologies to clarify the core features, limitations, and commonality of the technology Misunderstandingn
This document is targeted at people who have just been exposed to the blockchain, especially those considering this technology, as well as those trying to capitalize on the blockchain. It reminds readers that businesses are often attracted to new technologies, but before using blockchain they should make sure that the technology is right for their operations.n
Dylan Yaga, a computer scientist who is one of the authors of the report, said:n
n”It’s a clear understanding that corporate IT managers need to understand this technology to see if the company needs it.”n
nThe report pointed to the most common misunderstandings about blockchain, referring to controls, authentication and trust, and explained that while the blockchain was decentralized and not under the control of a central authority, the developer was acting as a system Founder and maintainer is able to control the blockchain to some extent.n
Similarly, blockchain has no control over user behavior and only has the authority to enforce “trading rules and regulations.” According to the report, people often mistakenly think that blockchain provides a way to transform a real-world identity into an identity that has a private key.n
The authors also point out that it is also a misconception to think of blockchain as a system of distrust because, in fact, trust in the cooperation of technology, developers and users is exactly what the blockchain needed to play its role.n
As for the limitations of the system, NIST pointed out that the enormous energy required to drive blockchain is one of the problems. In addition, the risk of losing a private key is higher than the risk of losing a username or password on a centralized platform because users must manage their private keys themselves.n
Until February 23, the report will always receive public feedback.n

Leave a Reply

Your email address will not be published. Required fields are marked *