1.
USUALLY, WHEN PEOPLE TALK ABOUT BLOCKCHAIN, THEY ARE REFERRING TO BITCOIN, BUT WHAT, WOULD YOU SAY, IS THE MOST COMPLETE DEFINITION OF THIS TECHNOLOGY?
Blockchain, and, by extension the more generic term, Distributed Ledger Technology, represents a decentralised system architecture (that is to say, without a central coordinator), allowing all the participants in a process to equally hold shared responsibility for it.
Each participant retains their own autonomy, but is bound to comply with a set of shared rules which are either materially impossible to break (in the case of public Blockchains, such as Bitcoin or Ethereum), or else, which, if broken, are impossible to conceal from the other participants (if the Blockchain is of the "permissioned" or "private" type, as in the case of Hyperledger Fabric).
Blockchain, and, by extension the more generic term, Distributed Ledger Technology, represents a decentralised system architecture (that is to say, without a central coordinator), allowing all the participants in a process to equally hold shared responsibility for it.
Each participant retains their own autonomy, but is bound to comply with a set of shared rules which are either materially impossible to break (in the case of public Blockchains, such as Bitcoin or Ethereum), or else, which, if broken, are impossible to conceal from the other participants (if the Blockchain is of the "permissioned" or "private" type, as in the case of Hyperledger Fabric).
2.
CAN YOU TELL US A MYTH TO DISPEL WHEN IT COMES TO BLOCKCHAIN?
The most resilient myth, and, at the same time, the most fallacious, tells us that an application should guarantee to its own users the "veracity" of the data it deals with, solely by virtue of being based on Blockchain technology.
Unfortunately, the uncomfortable reality, is that, in these cases, the famous principle of "garbage in, garbage out" (also known, to those in the business, as GIGO) also applies; if the incoming information is not correct, so much the less the outgoing information.
I am particularly referring to use cases very popular on the market at this particular moment in time, namely those connected with tracking the supply chain and/or of the food chain. Insofar as Blockchain has proven, in this context, to be a valid tool for determining the source of data and for protecting its integrity, you should never forget that, in effect, the problem to be resolved almost always arises at source, that is to say, with data which is erroneous or counterfeit at input. It would, unfortunately, be difficult for the solution to this family of problems to be purely technological.
The most resilient myth, and, at the same time, the most fallacious, tells us that an application should guarantee to its own users the "veracity" of the data it deals with, solely by virtue of being based on Blockchain technology.
Unfortunately, the uncomfortable reality, is that, in these cases, the famous principle of "garbage in, garbage out" (also known, to those in the business, as GIGO) also applies; if the incoming information is not correct, so much the less the outgoing information.
I am particularly referring to use cases very popular on the market at this particular moment in time, namely those connected with tracking the supply chain and/or of the food chain. Insofar as Blockchain has proven, in this context, to be a valid tool for determining the source of data and for protecting its integrity, you should never forget that, in effect, the problem to be resolved almost always arises at source, that is to say, with data which is erroneous or counterfeit at input. It would, unfortunately, be difficult for the solution to this family of problems to be purely technological.
3.
WHICH ARE THE SEGMENTS WHERE BLOCKCHAIN COULD PROVIDE MEANINGFUL ADDED VALUE - YET TO BE FULLY DISCOVERED?
Today we can already see B2B applications which are experiencing some success – that is to say, they have progressed beyond the proof-of-concept phase – in some segments such as Global Trading & Logistics, IPR Management and Finance.
This being said, I am convinced that the first use cases which will really have an impact on society will be those, which are still to mature, in the field of Personal Identity Management and Pan-European Integration of public administration services (e.g.. the EBSI initiative by the European Commission).
Today we can already see B2B applications which are experiencing some success – that is to say, they have progressed beyond the proof-of-concept phase – in some segments such as Global Trading & Logistics, IPR Management and Finance.
This being said, I am convinced that the first use cases which will really have an impact on society will be those, which are still to mature, in the field of Personal Identity Management and Pan-European Integration of public administration services (e.g.. the EBSI initiative by the European Commission).
4.
HOW ARE WE SUPPORTING COMPANIES THAT WANT TO USE THIS ENABLING TECHNOLOGY?
The Engineering Group has a strong Research & Development core, which, in recent years, thanks to both European and domesic research funding, has been able to develop advanced expertise both on the main Blockchain platforms (Ethereum, Hyperleder Fabric and Indy, JPMorgan Quorum, R3 Corda) and, more significantly, in areas of applications such as public administration, industry, energy & utilities, telecomunications and the media.
Today we are in a position to transfer this knowledge to our Business Units, assisting them in designing ad hoc solutions for their clients.
The Engineering Group has a strong Research & Development core, which, in recent years, thanks to both European and domesic research funding, has been able to develop advanced expertise both on the main Blockchain platforms (Ethereum, Hyperleder Fabric and Indy, JPMorgan Quorum, R3 Corda) and, more significantly, in areas of applications such as public administration, industry, energy & utilities, telecomunications and the media.
Today we are in a position to transfer this knowledge to our Business Units, assisting them in designing ad hoc solutions for their clients.
5.
WE ARE WITNESSING A LIQUEFACTION OF SILOS, BREAKING DOWN THE BARRIERS BETWEEN ONE MARKET AND ANOTHER: WHAT ROLE CAN BLOCKCHAIN PLAY IN THE CONSTRUCTION OF NEW DIGITAL ECOSYSTEMS?
We can answer this question on two levels.
At a lower level, Blockchain can be a tool for overcoming the impasse of information being organised in data silos thanks to the fact that it supports "safe" data interoperability without however necessarily requiring the de facto holder to relinquish data sovereignty.
At a higher level, I would like to mention one of the "hotter" discussion points in the Blockchain community: the interconnection between the various Blockchain networks, which promises to represent a truly epic shift in terms of scalability of applications.
We can answer this question on two levels.
At a lower level, Blockchain can be a tool for overcoming the impasse of information being organised in data silos thanks to the fact that it supports "safe" data interoperability without however necessarily requiring the de facto holder to relinquish data sovereignty.
At a higher level, I would like to mention one of the "hotter" discussion points in the Blockchain community: the interconnection between the various Blockchain networks, which promises to represent a truly epic shift in terms of scalability of applications.
Mauro Isaja
He played a leading role in designing and delivering several mid- to large-scale software solutions for international banking customers. Since 2012 he is working in Engineering's Research & Development department, where he is responsible for the Distributed Ledger & Fintech research area.
Mauro is also one of the authors of the "Blockchain" White Paper.
Mauro is also one of the authors of the "Blockchain" White Paper.
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