Three Pillars of Blockchain Technology

Blockchains are fascinating. Bitcoin took the world by storm 2013-2015, and the resilience and applicability of the technology just keeps impressing. Blockchains are the Bitcoin technology expanded and writ large.

If you're management, and not highly technical, they present a lot of problems, though. The technology is totally new, and, for lack of a better word, very technical. It's hard to understand. This might be my own bias speaking, but I think the implications are hard to understand without some technology grounding.

I'd like to help bridge this gap with a little bit of terminology and a framework for managers to apply to blockchain projects.

I propose there are three pillars of blockchain technology: Data Immutability, Distributed Computation and Cryptography [Note: Coming soon]. If you have a basic handle on each of these, you'll be far ahead applying these tools to your own business needs.

If you've decided you need a Blockchain solution to a technology problem, then in brief, it's time to work out answers and strategies for these three pillars: what must be stored forever? What work should all members of the network do? What things must we keep secret, and check ownership of?

With these questions answered, a blockchain project stands a much greater chance of successful specification and implementation.

Peter Vessenes

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