Business of Blockchain
This past April, I had the privilege of attending The Business of Blockchain event that was put on by the MIT Media Lab in Cambridge, MA. The event was a one-day conference examining the technology, ethics, and impact of blockchains. If you are a reader of our blog, you know that CRT has been focusing on practical use cases for blockchain in real estate over the last year and half.

The goal of the event was to meet pioneers in the field, gain business advantages by learning more about the technology and ultimately learning to separate real opportunities from the hype. This event was incredibly useful as it helped clarify which changes blockchain technology will be making immediately and what’s still far off in the future. A reoccurring theme of the day was how blockchains can help provide and guarantee security, identity, and ownership while still operating at the speed of the internet.

Recently, MIT has published videos from the event and I would like to share three of my favorites as well provide my key takeaways from each talk.

Blockchain: Unlocking the Power and Potential

Brian Behlendorf

Brian Behlendorf is executive director of the Hyperledger Project. Behlendorf was a primary developer of the Apache Web server, the most popular Web server software on the Internet, and a founding member of the Apache Software Foundation. He has also served on the board of the Mozilla Foundation since 2003 and the Electronic Frontier Foundation since 2013.
From the video:

  • Brian shares the exact moment of when he realized the potential for blockchain technology. His “Ah-Ha” moment came after hearing of a land title project in Honduras that was being started to protect land ownership through decentralization of records.
  • In recent history, the digitization of systems has led to the centralization of systems. Brian explains how permissioned ledgers can begin to re-decentralizing how these systems work.
  • Brian then goes on to describe the opportunity and benefits that will come from the transformation of the traditional hub and spoke models to ledgers, and specifically how the roles of intermediaries in those models will shift over time.

What Could Go Wrong? When Blockchains Fail.

Emin Gün Sirer, Cornell University

Emin Gün Sirer is an associate professor of computer science at Cornell University. His research interests span distributed systems, security, and operating systems, with a particular emphasis on digital currencies and self-organizing systems. He runs the popular blog Hacking, Distributed.
From the video:

  • Emin Gün talks about what can happen when people and companies apply blockchains in a manner that is at odds with the science that is behind them. Setting the stage for his talk, Emin covers the history of how civilizations track wealth as well as how validity, immutability and apply to blockchains.
  • In recent years there have been a number major failures based on poor implementations. Emin goes into detail about the attack on the Ethereum based smart contract, The DAO, and how it was exploited for over $50 million dollars.
  • Emin warns audience members who are interested in running private permissioned technologies. These systems are built relying heavily on the fact that the network will be resilient to attack as long as the nodes fail independently.The problem here that many implementations that we are seeing today have every node on the network running the same code, making them al susceptible to the same vulnerabilities. Emin suggests the concept of N Version programming as a possible solution.

Transformation at Scale: Building Tomorrow’s Financial Markets Today

Amber Baldet, J.P. Morgan

Amber Baldet is the Executive Director, Blockchain Program Lead at J.P. Morgan. Established in 2015, J.P. Morgan’s Blockchain Center of Excellence sets a comprehensive blockchain strategy for the Corporate and Investment Bank, while also developing cutting edge technology, curating Strategic Investments, and performing client outreach.
From the video:

  • Amber explains what the future of JP Morgan’s client services could look like and what that means for their product offerings.
  • She goes on to explain how even though her company is focused on investment banking applications, they must be built with the same ethical design standards as blockchains inorder to avoid very imbalanced systems.
  • Amber finishes her presentation with a quick overview of JP Morgans first open source software product, Quorum, that allows for private and secure transactions on a public ethereum blockchain.

If you are interested in learning more, click here to view all the videos from the Business of Blockchain Event. I’ve also included links to all of NAR’s research below.


NAR Resources

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External Resources

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