Tangled Up In Blockchains (2)
Blockchain technology is now entering the crucial marketing phase of product development as apparently the word 'blockchain' is too technical and does not inspire trust in the technology nor does it help people understand it. Check out the story here.
However this blogger will continue with the word 'blockchain' and will continue to look at various aspects of it as a technology. Without doubt the marketing folk will come up with a more cuddly name but will it help people really understand the technology? If it does they will certainly have earned their fees.
Understanding the mathematics that underlie Bitcoin's proof-of-work methodology in particular is no doubt beyond most of us and in the end we will (?) take it on trust, probably because of the good marketing and pricing of blockchain based services. But some of the easy to comprehend implications of using it, or similar methodologies, will be explored in future posts. It has already been noted in the previous post that it currently appears to be only suitable for low transaction rate applications.