Blockchain : Blockchain, the Middle East and Proof of Concept: Are we there yet?
As a lecturer and consultant on Blockchain Technology, I believe that it will change the future, however all too many of us have moved past the proof of concept stage and think that we are already there. We use Dubai and their 2020 goal as an example, however in my opinion there is still much to be done. See below. We must read all of the research and not just those we agree with.
Professor Blockchain, LLC
***Ali Merji, research director for Gartner Industry Advisory Services – banking and investment, told Gulf Business in a report published last month that most use cases for blockchain in the Gulf Cooperation Council were still proof of concepts and “there are no practical case studies yet”.
“There are a lot of projects called blockchain, in order to get funding, that do not use blockchain at all. We predict that through 2020, 80 per cent of enterprise blockchain-based applications whose goal is to save money will fail to do so,” he said.
“Just because blockchain works, does not mean that it is needed or that it is best suited to the task.”
What is the Blockchain?
A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency’s block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.
Author: profblockchaindfw
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