The UK Government Office for Science, has published its report on “Distributed ledger technology: beyond block chain” to which UCL’s Sarah Meiklejohn, Angela Sasse and myself (George Danezis) contributed parts of the security and privacy material. The review, looks largely at economic, innovation and social aspects of these technologies. Our part discusses potential threats to ledgers, as well as opportunities to build robust security systems using ledgers (Certificate Transparency & CONIKS), and overcome privacy challenges, including a mention of the z.cash technology.
You can listen to the podcast interview Sarah gave on the report’s use cases, recommendations, but also more broadly future research directions for distributed ledgers, such as better privacy protection.
In terms of recommendation, I personally welcome the call for the Government Digital Services, and other innovation bodies to building capacity around distributed ledger technologies. The call for more research for efficient and secure ledgers (and the specific mention of cryptography research) is also a good idea, and an obvious need. When it comes to the specific security and privacy recommendation, it simply calls for standards to be established and followed. Sadly this is mildly vague: a standards based approach to designing secure and privacy-friendly systems has not led to major successes. Instead openness in the design, a clear focus on key end-to-end security properties, and the involvement of a wide community of experts might be more productive (and less susceptible to subversion).
The report is well timed: our paper on “Centrally Banked Crypto-Currencies” will be presented in February at a leading security conference, NDSS 2016, by Sarah Meiklejohn, largely inspired by the research agenda published by the Bank of England. It provides some answers to the problems of scalability and eco-friendliness of current proof-of-work based ledger design.