Bitfury Releases Research on Key Blockchain Properties
By Valery Vavilov, CEO of The Bitfury Group
In 2011, Blockchain technology was still just beginning to change the world. I remember being blown away by the power of this technology even when it was being used exclusively by individuals who were just beginning to build the ecosystem.
Just five short years later, Blockchain technology is grabbing the attention of major companies, governments, NGOs and individuals all over the world, testing the limits of the world’s imagination. It is being posited as the solution to supply chain logistics, bank settlements, micropayments, capital financing, voting, medical records and more every day. I’m excited about these developments, and I’m proud of the work The Bitfury Group is doing to help make these solutions reality.
In all the excitement about Blockchain technology, however, the essential technical qualities of a secure Blockchain may be getting slightly lost by some.
The core value proposition provided by Blockchain technology is not just decentralized data distribution, although that is groundbreaking on its own and stands on its own merit.
But a true Blockchain has even more powerful and valuable characteristics that carry with them the promise of unlocking the technology’s vast potential.
- A true Blockchain is a source of immutable information.
- A true public Blockchain provides an easy avenue for auditability.
- A true Blockchain can be trusted to have authentic information.
- And, most importantly, these are the characteristics that provide a level of security and confidence to Blockchain users far beyond what we see being used in the world today.
Simply put: for a Blockchain to really be a Blockchain, — in the truest sense — it must be designed to be auditable, accountable and authentic. To learn more about how to design a Blockchain with these characteristics in mind, The Bitfury Group offers a white paper detailing these characteristics and our technical recommendations for a strong, secure and trusted Blockchain. We go into more detail about the value of Blockchain receipts and Blockchain timestamping, as well as the security benefits of anchoring to the public Bitcoin Blockchain.
As CEO of The Bitfury Group, I support the creation and advancement of secure, useful and trusted public and private Blockchains. As part of our commitment to a thriving ecosystem, we are constantly engaging in research and engineering to make the characteristics of our Blockchain solutions even more secure, and we will issue more papers on many related topics as we progress.