Blockchain Technology: Intrinsic Technological and Socio-Economic Barriers FDSE'2020 Keynote

摘要

Since the introduction of Bitcoin in 2009 and its immense resonance in media, we have seen a plethora of envisioned blockchain solutions. Usually, such blockchain solutions claim to be disruptive. Often, such disruptiveness takes the form of a proclaimed blockchain revolution. In this paper, we want to look at blockchain technology from a neutral, analytical perspective. Our aim is to understand technological and socio-economic barriers to blockchain solutions that are intrinsic in the blockchain technology stack itself. We look into the permissionless blockchain as well as the permissioned blockchain. We start with a characterization of cryptocurrency as one-tiered uncollateralized M1 money. We proceed with defining essential modes of business communications (message authentication, signature, registered letter, contract, order etc.) and how they are digitized classically. We review potential blockchain solutions for these modes of communications, including socio-economic considerations. At the technical level, we discuss scalability issues and potential denial-of-service attacks. On the other hand, we also look into four successful blockchain solutions and explain their design. Now: what is the blockchain revolution and how realistic is it? Will it shake up of our institutions? Or, vice versa: does it have to rely on a re-design of our institutions instead? Can we design useful blockchain solutions independent of fundamental institutional re-design? It is such questions which have motivated us to compile this paper and we hope that we are able to bring some light to them.