There is a mismatch between business use cases and the actual application of blockchain technology. Notably, enterprises should be driving the growth of the blockchain industry and not the other way around, says Dr Eva Porras.
Porras noted that this is problematic as the entire sector would be better funded if it were businesses that were demanding these developments. ‘This causes a delay and the sector is not as well funded (as other tech sectors)’, she said. ‘Small entrepreneurs can’t really stay in business.’
Eva Porras is the Founder and CEO of Blockchain Smart Technologies; Lead Researcher at SmartLedger – a blockchain solutions provider; and Honorary Collaborating Researcher at Universidad Rey Juan Carlos.
Blockchain misinformation
Another problem facing the sector is misinformation, said Porras. This includes the misrepresentation of certain technologies and people who deliberately start companies just to extract resources from individuals in an industry which they do not understand.
Porras added that governments also have a responsibility to ensure that the sector is appropriately regulated. This includes tackling exchanges which are not safe, transparent, or liquid.
Addressing the problem
While this mismatch is evident, Porras noted that it can be addressed by developers who actively target needs in existing sectors, rather than coming up with solutions to non-existent problems. She highlighted tracking and tracing in the Logistics sector and customer identification in the Healthcare sector as areas which need addressing.
‘I think specialisation is a very big opportunity because of the scale which will come. Legacy technology will have to give in little by little and then the scaling of what we are doing will be massive.’ Porras gave an example of a product developed by the team at SmartLedger, Certihash, which was specifically designed to address problems in the cybersecurity sector.
SmartLedger crafted the Certihash suite exclusively for corporate clientele, presenting a tailored solution to mitigate the perils associated with data breaches. The inaugural component featured in Certihash, known as Sentinel Node, furnishes real-time notifications for network events.
This all-encompassing toolkit harnesses the BSV blockchain to guarantee the confidentiality, integrity, and accessibility of records, rendering them openly available on a permissionless blockchain.
Sentinel Node is the first Certihash module to be released, allowing for real-time notification of events that are occurring on a network. The toolset utilises the BSV blockchain to provide the confidentiality, integrity and availability of records to be distributed publicly across a permissionless blockchain.
Utilising time-stamped data attestation, it monitors selected logs and files for any unauthorised access or alterations, providing an immediate alert in case of a breach. To further bolster the system’s security, Sentinel Node requires administrators to sign these alerts with their private keys. This ensures the authenticity of alerts and adds another layer of protection against potential cyber threats, further enhancing the integrity and security of monitored data.