I’m glad to say my experience is quite different.
Why we accept the version of ‘blockchain’ as sold to us by the loudest and not those who work the hardest escapes me. The blockchain frankly is the best and most useful computing development in recent history. By decentralizing our infrastructure we make the world — and ourselves — a better, safer place. Evil hearts may have taken down the twin towers — but they won’t take down BitCoin that’s for sure.
The worry, I see, comes from not having the requisite architectural experience to transform the core architecture of a blockchain to apply to the existing industry usecases. It’s not enough to write a white paper, knock up a couple of presentation and then push a contract across a desk. Smart buyers want to know you’ve thought through your solution — in a world where mistakes cost instantly and careers almost never recover — you need to deal with a client’s dark teatime of the soul.
Starting with the basics, the hard limits on useful processing of simple money transactions a la Bitcoin have been resolved to two things — block size, and block period. The heavier the block, the more problems. The longer the block time — the longer it takes to wait for confirmation. Well, for at least two years now solution was by staggering the blocks so that unrelated transactions can happen both independently and simultaneously across the network. That helps a lot with the block period, mostly by making it irrelevant. It also means you can do some rather lovely things — like make blocks different sizes.
Next add some decentralized storage, by looking at the place where a blockchain *actually* lives an embedded database called LevelDB. It occurred to us that one is great, but maybe putting another one in the seed might solve a lot of problems. In the case of DeOS our smart contract rival to Ethereum — that’s exactly what we did. We use Riak so DeOS is big data and audit compliant. For those who don’t know Riak was reliable enough the NHS replaced Oracle with it after 40 years.
And finally the actual de-centralized computing in DeOS is done by indexing and matching resources to tasks in real-time across the network. This requires real-time processing and is what generates the DeOS blocks. And the block-chain can act as the register across the whole network computing environment.
DeOS isn’t speculation — we built it a couple of years ago, did a public proof of concept featured on LetsTalkBitCoin and are now in the process of releasing it to the public as Ethereum is causing just this kind of anxiety across the blockchain industry.
You can explore DeOS here.