"Why aren't you using blockchain?" they ask me. I'll tell you why!
Maybe you can RT this – or quote specific points – to inoculate other folks against fuzzy-brained BS 😞 1/16
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The blockchain is a distributed ledger. Everyone has a copy of the ledger. It’s insanely expensive to store data in it. 2/16
It’s not encrypting anything. It’s just storing tiny pieces of data, permanently. That’s what makes it special. Once something is stored, nobody can change it. 4/16
Data providers can provide hashes for data verification already. The only reason to store it on the blockchain is if you trust no one – if you need a rock solid verification for something, that can never be changed. 5/16
If there is value to be claimed, we worry about forgery. 6/16
It’s not about data security, it’s not about making the data better quality or universally useful. It’s about creating a marketplace for the data. 7/16
Ensuring data integrity? Reporting updates? Blockchain isn’t needed to do this! If it’s not about monetization, you can usually ask "How else could we solve this?" and get a better answer. 8/16
Centralized brokers sell stuff all the time. To put a more specific point on it: blockchains enable decentralized monetization. 10/16
What if you lose your own encryption keys? In the decentralized world implied by blockchain, there is no "Forgot password?" link. 11/16
Centralizing data can also help with security: you have the power to delete data, and potentially correct an otherwise catastrophic leak. 12/16
The value of data is contextual. Monetizing data is, in itself, a tricky proposition. Its value depends on the situation or presence of other data – certain types (e.g. health survey) or in sufficient quantities (e.g. >10,000 genomes). 13/16
Data isn’t a finite good. Data can also be copied indefinitely. Monetization presumably requires exclusivity, which must be artificially imposed. (Think about the market for MP3s.) 14/16
For others, your data is interchangeable – it can be worth a lot less than you imagine! Individuals may be unmotivated to "sell" at realistic values, and a user-centered marketplace fails to thrive. 15/16
Blockchain for genomes, health, and personal data sounds like hype to me – and it probably sounds like hype to you! But now, I hope I’ve given you reasons that describe why your skepticism may be warranted. 😉 16/16