Debunking blockchain myths

by Roman Vitenberg,
to appear in NIST 2018.

Abstract

The explosive popularity of the blockchain paradigm has brought upon an avalanche of startups, new strategies and departments at major industrial players, societal and scientific conferences, as well as government-level initiatives in Europe. While computer science has always been trendy and any emerging technology that bursts into popularity has always been accompanied with uncertainty, the situation with blockchain is unique. The uncertainty pertaining to Java, P2P, Web Services, cloud, IoT, and other technologies has been about standardization, competition between alternative solutions, functional extensions, and understanding of technological limitations. In the case of blockchain, however, it starts with the terminology, basic assumptions, and models.

The goal of this short paper is to reflect on the most common misconceptions found in non-scientific (and sometimes, also scientific) articles, and hopefully, contribute towards better understanding of the technology.

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