HPI criticizes “exaggerated expectations” with regard to blockchain
In the study “Blockchain – Hype or Innovation?”, scientists from the Hasso Plattner Institute have explored the potential of the new technology in detail with a rather modest conclusion.15 Apr 2018 Kai Tubbesing
Originally created for cryptocurrency payment processing, blockchain is supposed to revolutionize both industrial and corporate processes, from supply chain monitoring to tamper-proof dialing. EDNA Bundesverband Energiemarkt & Kommunikation e.V. launched its own blockchain initiative in January. However, the initiators of the HPI study share the current euphoria only to a limited extent. The technology, which is still in its infancy, must first be further developed for such purposes. In addition to the still immature technology, the researchers also point out the enormous energy consumption in the transaction calculation as a problem.
In fact, experts estimate that the global Bitcoin network currently requires as much electricity per day as a good 12,000 German four-person households throughout the year. Despite the challenges identified in the study, blockchain-based applications are already in practical use in industry and logistics. For example, US startup Xage has created a containerized security platform designed to prevent fraudulent rerouting of valuable cargo, while IBM and Maersk are working to convert complete supply chains to smart contracts.
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