Brits Are Baffled By Blockchain And Wouldn’t Trust An Organisation Using It

By   ISBuzz Team
Writer , Information Security Buzz | Aug 16, 2018 10:00 pm PST

Research released yesterday from IP EXPO Europe has revealed that blockchain is baffling Brits as businesses forge ahead with adopting the technology.

According to reports, the research, a third of Brits wouldn’t trust an organisation using blockchain because they don’t know what it is, 11% believed they knew what blockchain was but wouldn’t trust an organisation using this technology, and 53% had never even heard of blockchain before.

Travis Biehn, Technical Strategist at Synopsys:

“Enterprise blockchain adoption has reached a fever pitch internationally in 2018. However, the security community has been late to the game in terms of securing these platforms against attack. While the open source community has been enamoured with the success of Ethereum, the enterprise community has been quietly building the next generation of distributed trust-less applications on permissioned blockchain technologies.

Public blockchains allow everyone to participate in the network (with varying degrees of access), while private blockchains regulate access via membership control. While enterprise blockchains have roots in established public blockchains like Bitcoin and Ethereum, they have significant and security-relevant differences. Unlike Bitcoin and Ethereum, the private blockchain’s primary use case isn’t to store and transfer value, but to enforce arbitrarily complex business logic. Enterprise practitioners often use the term distributed ledger technology (DLT), referring to the general capabilities that blockchain platforms provide.

Promises made by blockchain platforms include immutability, auditability, tuneable-trust, and programmability. Immutability is the guarantee that, once data has been written to the blockchain it will be tamper-proof indefinitely. Auditability is the direct result of the immutability guarantee combined with historical data kept by all members of a blockchain. Tuneable-trust promises that applications built on distributed ledger technology don’t need to trust all members of their network. Programability means the rules of the network are codified into so-called smart contracts. These blockchain programs describe precisely with code how data changes, ultimately comprising an enormous state machine.”