[Dispute] Financial Times: block chain suffered more challenges, facing challenges


nnnnIn recent years, the block chain has been more and more attention, coupled with the current upsurge of ICO, the heat of the technology seems to have been too high, causing some people questioned. In this paper, the phenomenon is analyzed, and some problems in the experiment and application of block chain are pointed out. This also reminds the relevant experts to conduct more in-depth research, so that the value of technology really be achieved.n
nnTranslated by: Inan
nThe block chain is a shared database technology that supports digital money (such as Bitcoin), and after three years of development, it is praised as “the next boom” in the financial and technological fields. Many well-known financiers, technical experts and entrepreneurs are betting their reputation and wealth on the chain.n
nBlythe Masters was a senior executive at JP Morgan, and was involved in the development of credit default swap. She joined Digital Chain Assets Holdings in March 2015, saying the technology should be valued as much as the Internet in the early 1990s.n
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nBlythe Mastersn
nnDigital assets holding the Blythe Masters said the technology should be the same as the development of the Internet attention. – Bloombergn
nnInvestors do do the same. Industry-based media company Coindesk data show that up to now, the chain chain company’s investment has reached 1.74 billion US dollars, of which 796 million US dollars of funds from the beginning of 2016 began to invest. But with the increase in investment, its heat is also getting higher and higher. From tracking tuna to managing health care records, almost all businesses are reported to benefit from the technology. The potential of the block chain is large enough to end poverty and reduce the cost of real-time settlement.n
nHowever, few of the executives of the chain-chain investment firms have been able to explain how the chain chain has contributed to its business or why it can be promoted. They will only say, “This is what you have to ask my technician.” When asked how the block chain is so useful, the answer is different, including “it is a compression algorithm and making the data store cheaper” And “it improves security and will not be hacked.”n
nStrictly speaking, these two claims are not accurate. But this confidence shows that people have put this industry myth. By 2016, this accent had been so exaggerated that Gartner, a consulting firm that described the hype cycle curve, placed the chain of chains near the top of the “expected expansion period.”n
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nCan block chain speculation stand the test of time? Or will it fall into the “bubble trough of the bubble” in the Gartner curve? We either have come to this step, either fast.n
nnEvidence A: In the marketing of many of these companies, the use of the term “block chain” suddenly decreases. What is popular now is distributed database technology (DLT) or licensed shared database. The linguistic transformation reflects an industry awareness that block chains must be applied to the real world. In most cases, the block chains used in the digital money sector can not meet the needs of regulated industries that value privacy, cost control, size, competition, autonomy, legitimate recourse and compliance. At present, almost all of the chain chain companies and early for the bitcoin block chain has nothing to do.n
nnnEvidence B: It is difficult for a competing company to collaborate on data sharing and storage. This cooperation is accompanied by monopoly risk, lack of autonomy and privacy. Last year, some members of large cooperative organizations (such as R3) had been losing, and that was not surprising. At the same time, the Canadian central bank in May formally abandoned the DLT experiment, pointed out that “DLT to the center of our current centralized inter – bank payment system there are contradictions and conflicts.n
nnHowever, the most able to reflect this emotional change is to suddenly check more. Simon Scorer of the Bank of England’s digital money group pointed out in a blog post last week that the DLT system is more compatible with the central environment. But the problem is “to change the DLT in this way, far from its original principle.”n
nObviously, companies should realize that the technology is not yet suited to the real world.n

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