Blockchain myth
Blockchain myth
  • Kim Hyoung-joong
  • 승인 2018.10.04 12:31
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Kim Hyoung-joong (chairman of the Cryptocurrency Research Center of Korea University)
Kim Hyoung-joong (Chairman of the Cryptocurrency Research Center of Korea University)

This happened when the deep learning wind blew. The head of an agency beat his employees, saying, "We must achieve results with deep learning during his tenure." It was not a situation at all for using deep learning. I advised an agonizing project manager to apply ensemble technology while using deep learning. If the weight of deep learning is almost zero, it will be the same as if it had not been used. These are examples of budget waste and waste of time caused by deep learning myth. Deep learning is not a panacea.

The blockchain myth is a bigger problem. It is because CEOs believe that the blockchain is omnipotent. They say that blockchain is strong in security so that it is not hacked. As it is efficient and transparent by eliminating middleman, verification is possible.

There is no system in the world that is not hacked. It is questionable whether the distributed system is more efficient. Transparency is the greatest threat to the enterprise blockchain.

Sharing logistics information to the blockchain can lead to leaks of business secrets and cause major problems. Therefore, it is difficult to share information with the blockchain. But we still want to apply the blockchain to the logistics system. It is said that encryption of shared information and application of access control can prevent information leakage, but the existing system is more efficient.

Some argue that the history of pork can be traced by blockchain. Historical tracking techniques are also applied to existing traditional systems. There are bar codes and EDI, etc., but it is practically useless as it is possible to replace them. If you can't put pork in a blockchain, you can't track it because the record and pork exist separately.

Companies that are making an election system with a blockchain are suffering. Blockchain does not prove whether it is a legitimate vote or a forced vote.

The same case is applied to the financial sector. It announced that it developed Bank Sign technology by using blockchain. To summarize the technical description, the same public key is stored in the blockchains of several banks and secret keys are stored in the customers' smartphones. It is questionable whether it is necessary.

It would be more effective if the financial sector places the focus on offshore transactions, incentive offering, and investment product design using cryptocurrency. That's one of the most successful business models you can do with a blockchain.

Blockchain is also evolving. So even if there aren't many successful business models in the enterprise blockchain now, there will be many in the future. What's clear is that there are few good enterprise blockchain applications now, except for cryptocurrency.

The idea that a blockchain can do anything is a myth. Technical weaknesses such as speed and scalability can be improved. Transparency and decentralization are fundamentally more serious in enterprise blockchain. However, this is not a problem in cryptocurrency.

There's a lot of stuff you can do with cryptocurrency. However, it is very few that you can do with enterprise blockchain that has eliminated cryptocurrency function. The expansion of the application field depends on the competence of the outstanding entrepreneurs.

By Kim, Hyoung Joong, Professor, Korea University /


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