5 ms·
Can someone please explain why there are so many banks interested in a private blockchain? Isn't that more expensive than just building on top of something lik
by dev1n 10y ago
Can someone please explain why there are so many banks interested in a private blockchain? Isn't that more expensive than just building on top of something like ethereum?
- aakilfernandes 10y agoYou can use Ethereum as a private blockchain
- dev1n 10y agoBut why do companies need to host their own blockchain? What is the value proposition in doing so?
- ryanstr 10y agoAccessing data with permissions towards access only going to specific, pre-determined parties. Brings blockchain in line with the current data control paradigm by doing so.
- bergeoisie 10y agoIf you're restricting permission like this, why bother with a blockchain at all? Why not just use a conventional database?
- aakilfernandes 10y agoWith a conventional database, the owner can set any value to anything they like. With a private blockchain (and smart contracts), the owner can't forge values. For example lets say you want to fake a transfer from client A to client B. In a traditional database, the owner can do that. With a blockchain, the owner can't.
- dev1n 10y agoThe owner of the blockchain can of course forge values! The computational power of the network of a private blockchain is fairly easily overcome.
- aakilfernandes 10y agoAnd every actor will know there's a double spend attack and stop accepting the chain. Unlike a public blockchain, there should never be a fork in a private blockchain. If there is a fork, you know the owner is mounting a double spend attack.