State of public and private blockchains: Myths and reality

Abstract

It has been a decade since the concept of blockchain was invented as the underlying core data structure of the permissionless or public Bitcoin cryptocurrency network. Since then, several cryptocurrencies, tokens and ICOs have emerged. After much speculation and hype, significant number of them have become problematic or worthless! The public blockchain system Ethereum emerged by generalizing the use of blockchains to manage any kind of asset, be it physical or purely digital, with the introduction of Smart Contracts. Over the years, numerous myths have developed with respect to the purported utility and the need for public blockchains. The adoption and further adaptation of blockchains and smart contracts for use in the permissioned or private environments is what I consider to be useful and of practical consequence. Hence, the technical aspects of only private blockchain systems will be the focus of my SIGMOD 2019 keynote. Along the way, I will bust many myths associated with public blockchains. I will also compare traditional database technologies with blockchain systems' features and identify desirable future research topics.