“BLOCKCHAIN HAS THE POTENTIAL TO BECOME THE ELECTRONICALLY BASED TRUST CENTER”
Today, Pascal Bauler, Founder of ABACUS Consulting & Solutions, tells us why and how his company is involved in the Infrachain initiative but also gives us more insights on the current use, challenges and advantages of the distributed ledger technology.
When and why did you join the Infrachain initiative?
ABACUS joined Infrachain in 2017 as funding member, as we are convinced that blockchain technologies have the potential to become an important building block when defining tomorrow’s business models. Infrachain, as an enabling organization, has the potential to act as a key actor during this paradigm shift, at local and European levels.
What are the challenges you are currently facing when it comes to the development of concrete Blockchain applications?
For the time being, blockchain technologies has not yet managed to identify the killer applications taking full advantage of their potential and generating business value. Nowadays blockchain projects are often considered as prototypes or proof of concepts, and address problems which could also be mostly addressed by using classical IT means.
For sure cryptology-based distributed general ledger brings the formal advantage of guaranteeing the reliability and unchangeability of data or contracts, but is not an absolute must for the users (or can be addressed by alternative means).
What about their main advantages and opportunities?
I explicitly want to exclude the notion of crypto-currencies from my comment, which for sure offer a big advantage as non-regulated currency, but also comes with a certain level of risk.
The real opportunity of blockchain technology is to offer distributed general ledger, giving the possibility to generate business and formal (legally binding) contracts without explicit involvement of notary services.
Cryptology guarantees that the agreement has been formally stored in the blockchain and is absolutely unmutable.
According to you, where will Blockchain be the most efficient? How and why?
Blockchain technology is the distributed trust center for business actors not trusting each other. If you want to exchange data or establish an electronic contract between competitors, blockchain is the way to go. Blockchain based solutions are per se mathematically proven and audit safe.
Blockchain has the potential to become the electronically based trust center without a need for lawyers or notary services.
What is needed to really kickoff the adoption of Blockchain?
Like every hyped technology it first of all has to go through the “Trough of Disillusionment”, where the real added value of a technology is being identified and killer applications become visible.
For the time being the impressive possibilities of blockchain technologies are known, technology frameworks are ready to use, but the killer use cases are not yet clearly identified.
Published on July 11th, 2019 on https://www.itone.lu/actualites/opportunity-exchange-best-practices-both-technical-and-legal-standpoint