Trustech held its 31st annual conference in Cannes, France. The conference that was held last week featured most incumbents who have a control on secu
Trustech held its 31st annual conference in Cannes, France. The conference that was held last week featured most incumbents who have a control on security, payments, identification, as well as other such industries who facilitate transaction trust.
The conference which had a large turn up is considered to be the oldest for technologies that are trust-based.
Google, MasterCard, PayPal, Verifone among other established players was present and headlined the theme.
350 companies, sponsors from 130 countries, and an attendance of over 15,000 filled the three-day workshop. An international taste with a 20/20 Las Vegas US-focused money was prominent in the event with its long history.
Various speakers and sessions discussed the newly born blockchain technology despite companies depending on traditional financial infrastructure displaying their payment terminals or talking about the speculation of an appearance of a 2025 bank. The concept of the blockchain technology sparked skepticism and interest.
Trustech had promises and perils of the blockchain. Below are 10 takeaways from the technology that somehow simulates a unique European view.
1. The Blockchain features a time stamping application that is already well-functioning.
According to Gilles Cadignan, the France-based Woleet chief executive and co-founder, the technology presumes an accurate and trustworthy data since blockchain leads to big data time stamping. He said that counterfeiting will be prevented when the blockchain is used by Woleet service to track pharmaceuticals provenance. No data will be lost even if Woleet disappears as long as the ledger onto which Bitcoin blockchain had been stamped by a company endures.
2. There is a likelihood the blockchain will be utilized in identity authentication
This point was made by the chief technology officer of Plantation when he talked about how difficult it is to put a mistake in the ledger. Primarily, the ledger won’t guarantee the information inside if you put a mistake in it. What is concerned is the content of what reads back that is a subjective assertion, depending on the technology.
3. Individual control of personal data may be possible with the blockchain technology
In Europe where big companies have fought for their right about the privacy laws to be forgotten with European regulators, this concept is particularly relevant. Since this forces users to request Google to remove certain links from search results, what digital trail is left online may be manageable according to the senior manager for Ernst & Young, Geert Van Kerckhoven.
4. Blockchain will be used by the government in a number of ways.
Gilles Cadignan said that governments may impose VAT among other uses. He said it is possible to have a 3-line code VAT automation with blockchain technology.
5. Four out of ten unbanked adults will benefit from the blockchain technology.
Woleet’s Cadignan also talked about how the said technology will assist in getting financial services without a bank account. In fact, people can send money to China from here in 10 minutes nowadays. A transaction that can take weeks with bank accounts.
6. The technology will provide security to the Internet of Things. However, the application realization of this is further off than the rest.
With the recent attacks on DDOS which are composed of hacked Internet of Things like digital video recorders, webcams, as well as smart refrigerators, Ethereum Foundations founder, Berne Lapp decentralized consulting network, describing the mechanism of blockchain in securing a device identity. This ensures the device cannot be seized in such a way.
7. Wrong reasons that companies are trying to use blockchain for.
John Geater said that many companies are seeing the technology as a database that stores items fingerprints rather than the items themselves.
8. The standardized and built requirements that most infrastructure layers around blockchain need.
To ensure accurate storage of data like identities and more, it is clear that more security layers must be built around blockchain. From this, it is uncertain that the ledger created by this technology are enough despite the security advantages many see of blockchain having the potential of providing.
9. It is quite late to determine whether Ethereum will tolerate the time test.
Various panelists were skeptical about Ethereum network ability to deliver even if this network ambitiously tries to offer more functionality than Bitcoin network. Some of the panelists revealed various debacles that Ethereum suffered last summer. Interestingly, Ethereum was not even a year old when the decentralized automatic organization (DAO) began.
10. The inability of smart contracts ever becoming ready for prime time.
There was a lot of questions from many of the attendees about the viability of smart contracts. These are programs designed to automatically complete an agreement functions after fulfilment of certain conditions, enabling endlessly looping transactions.