Thursday, July 19, 2018

What blockchains do (and don't) do

Few introductions to blockchains manage to clearly state what blockchains do. This is odd, because they do only one thing.

Blockchains allow a group of entities (individuals or organizations) to accumulate an ordered list of shared records over time, whose tamper resistance they can trust - even if they do not trust each other.

That is it. That is the only new thing which blockchains accomplish. It turns out however that given the right context, this one little thing happens to be a big deal.

No comments:

Post a Comment

Where legacy meets cryptocurrency, there is danger

As presently formulated, ICE's Bitcoin futures market sounds like a bad idea. They are not even creating a separate clearing house. This...