{"id":16374,"date":"2016-09-23T11:03:08","date_gmt":"2016-09-23T19:03:08","guid":{"rendered":"http:\/\/www.altoros.com\/blog\/?p=16374"},"modified":"2020-02-20T01:34:14","modified_gmt":"2020-02-19T22:34:14","slug":"fireside-chat-blockchain-security-scalability-and-energy-consumption","status":"publish","type":"post","link":"https:\/\/www.altoros.com\/blog\/fireside-chat-blockchain-security-scalability-and-energy-consumption\/","title":{"rendered":"Fireside Chat: Blockchain Security, Scalability, and Energy Consumption"},"content":{"rendered":"<p>A recent <a href=\"https:\/\/www.meetup.com\/Hyperledger-London\/events\/229797793\/\" target=\"_blank\" rel=\"noopener noreferrer\">Hyperledger meetup<\/a> in London culminated with a lively discussion. The panel included <a href=\"https:\/\/www.linkedin.com\/in\/mrmainelli\" target=\"_blank\" rel=\"noopener noreferrer\">Michael Mainelli<\/a> of Z\/Yen Group, <a href=\"https:\/\/www.linkedin.com\/in\/jpindar\" target=\"_blank\" rel=\"noopener noreferrer\">Joseph Pindar<\/a> of Gemalto, and <a href=\"https:\/\/www.linkedin.com\/in\/simon-stone\" target=\"_blank\" rel=\"noopener noreferrer\">Simon Stone<\/a> and <a href=\"https:\/\/www.linkedin.com\/in\/tomappleyard\" target=\"_blank\" rel=\"noopener noreferrer\">Tom Appleyard<\/a> of IBM.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.altoros.com\/blog\/fireside-chat-blockchain-security-scalability-and-energy-consumption\/#How_secure_is_blockchain\" >How secure is blockchain?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.altoros.com\/blog\/fireside-chat-blockchain-security-scalability-and-energy-consumption\/#Does_it_scale_well\" >Does it scale well?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.altoros.com\/blog\/fireside-chat-blockchain-security-scalability-and-energy-consumption\/#Will_blockchain_have_the_energy_consumption_of_bitcoin\" >Will blockchain have the energy consumption of bitcoin?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.altoros.com\/blog\/fireside-chat-blockchain-security-scalability-and-energy-consumption\/#Want_details_Watch_the_video\" >Want details? Watch the video!<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.altoros.com\/blog\/fireside-chat-blockchain-security-scalability-and-energy-consumption\/#Further_reading\" >Further reading<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.altoros.com\/blog\/fireside-chat-blockchain-security-scalability-and-energy-consumption\/#About_the_experts\" >About the experts<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"How_secure_is_blockchain\"><\/span>How secure is blockchain?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The panel received questions from the audience and the first question was about the adoption rate of blockchain and mutually distributed ledgers. Michael highlighted two key points as to why adoption is slow:<\/p>\n<ul>\n<li><strong>New technology.<\/strong> Just like any other new innovation, there&#8217;s a knee-jerk response to blockchain that it is insecure.<\/li>\n<li><strong>Economic power structure.<\/strong> The adoption of blockchain is not in everybody&#8217;s interest. Most firms already have trouble implementing a normal straightforward database never mind the shared ledger approach of blockchain.<\/li>\n<\/ul>\n<blockquote><p><\/em>&#8220;The barrier to [blockchain] adoption is going to be a lot harder particularly when the alternative is why don&#8217;t we just nominate one person to be in charge of the entire thing?&#8221;<br \/>\n\u2014Michael Mainelli, Z\/Yen Group<\/em><\/p><\/blockquote>\n<p><center><\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/hyperledgerldn?src=hash\">#hyperledgerldn<\/a>, <a href=\"https:\/\/twitter.com\/mrmainelli\">@mrmainelli<\/a> led an interesting discussion tonight in consensus alg &amp; TCP, IP. <a href=\"https:\/\/twitter.com\/yiseulcho\/status\/773252986768334848\/photo\/1\">pic.twitter.com\/akn8jfbOha<\/a><\/p>\n<p>&mdash; yiseul (@yiseulcho) <a href=\"https:\/\/twitter.com\/yiseulcho\/status\/773252986768334848\">September 6, 2016<\/a><\/p><\/blockquote>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/center><\/p>\n<p>Despite the problems with adoption, Simon was able to point out that &#8220;bitcoin has helped popularize the technology and has given us the chance to think about how we could use the technology to <a href=\"https:\/\/www.altoros.com\/blog\/ibm-engineers-blockchain-can-streamline-international-trade\/\" target=\"_blank\" rel=\"noopener noreferrer\">solve problems<\/a>.&#8221;<\/p>\n<p>Joseph also mentioned that another issue for the slow adoption is the underlying technology of blockchain wherein it is a distributed system at the very core is inherently insecure. However, he conceded that since blockchain &#8220;is a rather simple low-level thing on which you can then start accelerating distributed use cases, architectures, and so forth. That&#8217;s ultimately what&#8217;s going to make people money.&#8221;<\/p>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/09\/Hyperledger-Blockchain-London-Michael-Mainelli-Joseph-Pindar-Simon-StoneTom-Appleyard-2.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/09\/Hyperledger-Blockchain-London-Michael-Mainelli-Joseph-Pindar-Simon-StoneTom-Appleyard-2.jpg\" alt=\"Hyperledger Blockchain London Michael Mainelli Joseph Pindar Simon StoneTom Appleyard 2\" width=\"640\" class=\"aligncenter size-full wp-image-16378\" \/><\/a><\/p>\n<blockquote><p><\/em>&#8220;The fact that blockchain enables distributed audits opens up massive opportunity.&#8221;<br \/>\n\u2014Joseph Pindar, Gemalto<\/em><\/p><\/blockquote>\n<p>The following question posed was if blockchain could be a bit like TCP\/IP, where it&#8217;s very successful and no one knows it&#8217;s there? In response, Joseph half-joked, &#8220;<em>the future of blockchain is trusted Internet and it&#8217;s going to replace TCP\/IP<\/em>.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Does_it_scale_well\"><\/span>Does it scale well?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The next issue the panel tacked was scalability and whether or not the technology would be able to scale once there are thousands of blockchains working together.<\/p>\n<p>Joseph took the lead on this one and he compared the potential scaling of blockchain to that of routers in the Internet. He explained, &#8220;we&#8217;ve gone down the rabbit hole when we talk about public blockchains. The assumption that everyone within the blockchain has to see these things. Scalability isn&#8217;t just about latency and throughput, it&#8217;s about how to keep partition of the system, such that we have multiple different blockchains working together doing their specific thing and you don&#8217;t have to have one blockchain to do it all.&#8221;<\/p>\n<blockquote><p><\/em>&#8220;When you start thinking about multiple different blockchains or distributed ledgers working together and having interfaces between them, it&#8217;s kind of like talking about routers in the Internet.&#8221; \u2014Joseph Pindar, Gemalto<\/em><\/p><\/blockquote>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/09\/Hyperledger-Blockchain-London-Michael-Mainelli-Joseph-Pindar-Simon-StoneTom-Appleyard-4.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/09\/Hyperledger-Blockchain-London-Michael-Mainelli-Joseph-Pindar-Simon-StoneTom-Appleyard-4.jpg\" alt=\"Hyperledger Blockchain London Michael Mainelli Joseph Pindar Simon StoneTom Appleyard 4\" width=\"640\" class=\"aligncenter size-full wp-image-16382\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Will_blockchain_have_the_energy_consumption_of_bitcoin\"><\/span>Will blockchain have the energy consumption of bitcoin?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The last issue raised was with regards to energy consumption. Michael broke this down into two parts\u2014why is it working and why is the actual cost at the moment insignificant?<\/p>\n<ul>\n<li><strong>The system is selling forward.<\/strong> People are willing to contribute their energy because of a future perceived value in return.<\/li>\n<li><strong>Free energy.<\/strong> Not everyone is paying for their energy consumption. He referenced a Swedish server farm where this was the case.<\/li>\n<\/ul>\n<p>Aside from those, we&#8217;ve already seen the potential cost savings blockchain can do for business networks. While its cost in terms of power consumed compared to bitcoin isn&#8217;t perfectly clear at this point, the savings in other areas being streamlined is hard to dispute.<\/p>\n<p><a href=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/09\/Hyperledger-Blockchain-London-Michael-Mainelli-Joseph-Pindar-Simon-StoneTom-Appleyard-3.jpg\"><img decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/09\/Hyperledger-Blockchain-London-Michael-Mainelli-Joseph-Pindar-Simon-StoneTom-Appleyard-3.jpg\" alt=\"Hyperledger Blockchain London Michael Mainelli Joseph Pindar Simon StoneTom Appleyard 3\" width=\"640\" class=\"aligncenter size-full wp-image-16381\" \/><\/a><\/p>\n<blockquote><p><\/em>&#8220;If we&#8217;re talk about the cost of transactions alone, a lot can be said about the potential savings in trade finance by cutting down process time from days to minutes.&#8221;<br \/>\n\u2014Simon Stone, IBM<\/em><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Want_details_Watch_the_video\"><\/span>Want details? Watch the video!<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td class=\"video-details-td\">\n<div style=\"float: right; width: 45%; padding-left: 15px; font-size: 14px;\">\n<p><strong>Table of contents<\/strong><\/p>\n<ol>\n<li style=\"margin-bottom: 12px;\">If mutually distributed ledgers have been around for so long, why has it taken this length of time for them to become widely adopted? (<a href=\"#wistia_l4bdeb7dnj?time=20\">00&#8217;20&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 12px;\">Could blockchain be a bit like TCP\/IP where it&#8217;s very successful and no one knows it&#8217;s there? (<a href=\"#wistia_l4bdeb7dnj?time=500\">8&#8217;20&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 12px;\">Does blockchain have a problem with scalability when there are already thousands of blockchains working together? (<a href=\"#wistia_l4bdeb7dnj?time=673\">11&#8217;13&#8221;<\/a>)<\/li>\n<li style=\"margin-bottom: 12px;\">Will blockchain have the same energy consumption of bitcoin? (<a href=\"#wistia_l4bdeb7dnj?time=1032\">17&#8217;12&#8221;<\/a>)<\/li>\n<\/ol>\n<\/div>\n<p><script charset=\"ISO-8859-1\" src=\"\/\/fast.wistia.com\/assets\/external\/E-v1.js\" async><\/script><\/p>\n<div class=\"wistia_embed wistia_async_l4bdeb7dnj\" style=\"height:320px;width:440px\">&nbsp;<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Further_reading\"><\/span>Further reading<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/ibm-engineers-blockchain-can-streamline-international-trade\/\">IBM Engineers: Blockchain Can Streamline International Trade<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/blockchain-as-a-single-persistent-publish-subscribe-queue\/\">Blockchain as a Single, Persistent Publish \/ Subscribe Queue<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/the-difference-with-blockchain\/\">The Difference with Blockchain<\/a><\/li>\n<li><a href=\"https:\/\/www.altoros.com\/blog\/managing-risk-and-building-trust-for-blockchain-in-finance\/\">Managing Risk and Building Trust for Blockchain in Finance<\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"About_the_experts\"><\/span>About the experts<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div>\n<div style=\"float: right;\"><a href=\"https:\/\/www.linkedin.com\/in\/mrmainelli\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/09\/Michael-Mainelli-ZYen-Group-bio.png\" alt=\"Michael Mainelli, ZYen Group bio\" width=\"150\" height=\"150\" class=\"aligncenter size-full wp-image-16385\" \/><\/a><\/div>\n<div style=\"width: 600px;\"><small><a href=\"https:\/\/www.linkedin.com\/in\/mrmainelli\">Michael Mainelli<\/a> is a qualified accountant, securities professional, computer specialist, and management consultant, educated at Harvard University and Trinity College Dublin. Michael gained his PhD at London School of Economics, where he was also a visiting professor. He co-founded Z\/Yen in 1994, the city of London\u2019s leading think-tank, to promote societal advance through better finance and technology after a career as a research scientist in aerospace and cartography creating the first commercial digital maps of the world, then accountancy-firm partner and Director of Ministry of Defence research.<\/small><\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<div>\n<div style=\"float: right;\"><a href=\"https:\/\/www.linkedin.com\/in\/jpindar\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/09\/Joseph-Pindar-Gemalto-bio.png\" alt=\"Joseph Pindar, Gemalto bio\" width=\"150\" height=\"150\" class=\"aligncenter size-full wp-image-16386\" \/><\/a><\/div>\n<div style=\"width: 600px;\"><small><a href=\"https:\/\/www.linkedin.com\/in\/jpindar\">Joseph Pindar<\/a> is the Director of Product Strategy at Gemalto. He focuses on security and data protection, working in the Office of the CTO\u2014part of Gemalto\u2019s Data Protection business (formerly SafeNet). His days are spent building and communicating situational awareness to product managers and engineering leaders. He assists in formulating roadmaps and prioritizing development to align with market trends, and work across Gemalto to create go-to-market plans. Currently, he&#8217;s focusing on IoT and blockchain with the IBM Austin team. <\/small><\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<div>\n<div style=\"float: right;\"><a href=\"https:\/\/www.linkedin.com\/in\/tomappleyard\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/09\/Tom-Appleyard-IBM-bio.png\" alt=\"Tom Appleyard, IBM bio\" width=\"150\" height=\"150\" class=\"aligncenter size-full wp-image-16349\" \/><\/a><\/div>\n<div style=\"width: 600px;\"><small><a href=\"https:\/\/www.linkedin.com\/in\/tomappleyard\">Tom Appleyard<\/a> is part of IBM&#8217;s London Bluemix Garage, where he works with IBM clients interested in the blockchain technology, running education sessions and design-thinking workshops to create and prototype ideas for blockchain apps. Prior to this, he was part of IBM&#8217;s API Testing DevOps team and has an academic background in artificial intelligence. Tom previously worked for Oxfam and Courts Asia.<\/small><\/div>\n<\/div>\n<p>&nbsp;<br \/>\n&nbsp;<\/p>\n<div>\n<div style=\"float: right;\"><a href=\"https:\/\/www.linkedin.com\/in\/simon-stone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/09\/Simon-Stone-IBM-bio.png\" alt=\"Simon Stone, IBM bio\" width=\"150\" height=\"150\" class=\"aligncenter size-full wp-image-16350\" \/><\/a><\/div>\n<div style=\"width: 600px;\"><small><a href=\"https:\/\/www.linkedin.com\/in\/simon-stone\">Simon Stone<\/a> is a solution architect in the IBM Blockchain Solutions team based in Hursley, where he is currently focusing on designing new products and services built on top of the Hyperledger fabric. Prior to this, he was a senior engineer in the IBM Integration Bus development team, working on IBM&#8217;s leading integration product.<\/small><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A recent Hyperledger meetup in London culminated with a lively discussion. The panel included Michael Mainelli of Z\/Yen Group, Joseph Pindar of Gemalto, and Simon Stone and Tom Appleyard of IBM.<\/p>\n<p>&nbsp;<\/p>\n<p>How secure is blockchain?<\/p>\n<p>The panel received questions from the audience and the first question was about the adoption rate of [&#8230;]<\/p>\n","protected":false},"author":32,"featured_media":16377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[7],"tags":[672,753],"class_list":["post-16374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-opinion","tag-blockchain","tag-hyperledger"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fireside Chat: Blockchain Security, Scalability, and Energy Consumption | Altoros<\/title>\n<meta name=\"description\" content=\"Adoption, security, scalability, and cost were among the concerns raised in a blockchain panel in London.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.altoros.com\/blog\/fireside-chat-blockchain-security-scalability-and-energy-consumption\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fireside Chat: Blockchain Security, Scalability, and Energy Consumption | Altoros\" \/>\n<meta property=\"og:description\" content=\"A recent Hyperledger meetup in London culminated with a lively discussion. The panel included Michael Mainelli of Z\/Yen Group, Joseph Pindar of Gemalto, and Simon Stone and Tom Appleyard of IBM. &nbsp; How secure is blockchain? The panel received questions from the audience and the first question was about the adoption rate of [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.altoros.com\/blog\/fireside-chat-blockchain-security-scalability-and-energy-consumption\/\" \/>\n<meta property=\"og:site_name\" content=\"Altoros\" \/>\n<meta property=\"article:published_time\" content=\"2016-09-23T19:03:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-19T22:34:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.altoros.com\/blog\/wp-content\/uploads\/2016\/09\/Hyperledger-Blockchain-London-Michael-Mainelli-Joseph-Pindar-Simon-StoneTom-Appleyard-featured.gif\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"360\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/gif\" \/>\n<meta name=\"author\" content=\"Carlo Gutierrez\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta 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