Paper 2017/375

Do you need a Blockchain?

Karl Wüst and Arthur Gervais

Abstract

Blockchain is being praised as a technological innovation which allows to revolutionize how society trades and interacts. This reputation is in particular attributable to its properties of allowing mutually mistrusting entities to exchange financial value and interact without relying on a trusted third party. A blockchain moreover provides an integrity protected data storage and allows to provide process transparency. In this article we critically analyze whether a blockchain is indeed the appropriate technical solution for a particular application scenario. We differentiate between permissionless (e.g., Bitcoin/Ethereum) and permissioned (e.g. Hyperledger/Corda) blockchains and contrast their properties to those of a centrally managed database. We provide a structured methodology to determine the appropriate technical solution to solve a particular application problem. Given our methodology, we analyze in depth three use cases --- Supply Chain Management, Interbank and International Payments, and Decentralized Autonomous Organizations and conclude the article with an outlook for further opportunities.

Note: added DOI

Metadata
Available format(s)
PDF
Category
Applications
Publication info
Published elsewhere. 2018 Crypto Valley Conference on Blockchain Technology (CVCBT)
DOI
10.1109/CVCBT.2018.00011
Keywords
blockchainelectronic commerce and paymentpermissioned blockchainpermissionless blockchaincentral databaseapplication scenariodecision making
Contact author(s)
karl wuest @ inf ethz ch
History
2018-11-12: last of 2 revisions
2017-05-01: received
See all versions
Short URL
https://ia.cr/2017/375
License
Creative Commons Attribution
CC BY

BibTeX

@misc{cryptoeprint:2017/375,
      author = {Karl Wüst and Arthur Gervais},
      title = {Do you need a Blockchain?},
      howpublished = {Cryptology ePrint Archive, Paper 2017/375},
      year = {2017},
      doi = {10.1109/CVCBT.2018.00011},
      note = {\url{https://eprint.iacr.org/2017/375}},
      url = {https://eprint.iacr.org/2017/375}
}
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