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This is a pretty big downside if you want to use the blockchain in commercial banking, where laws require that the ledger be redacted in certain situations, but

This is a pretty big downside if you want to use the blockchain in commercial banking, where laws require that the ledger be redacted in certain situations, but I think it exemplifies a more general problem with blockchain-based concepts like Bitcoin and Ethereum -- they make assumptions about ledgers and contracts that are too "pure" to mesh with real-life financial regulations and contract law. Examples of such assumptions: Bitcoin transactions in the blockchain can never be annulled, removed, or hidden from view; Ethereum contracts cannot be modified or voided by third parties (e.g. a judge). Unfortunately, removing immutability from the blockchain turns it into something that isn't more trustworthy than any other kind of ledger -- so what's the point of using it? So, I don't expect this kind of technology to be viable for mainstream banking, or any other use case where the real-life legal system gets involved.

CyberDildonics 10y ago
Typically banks already use immutable ledgers. If they need to change something they put append that correction onto the ledger too. > removing immutability from the blockchain turns it into something that isn't more trustworthy than any other kind of ledger How is that in any way true? Immutability means you have a record of the real data and when it occurred. Other applications can be layered on top.
aminorex 10y ago
Does not compute. Reality has no take-backs, yet we layer redress on top of reality.
Senji 10y ago
>Ethereum contracts cannot be modified or voided by third parties (e.g. a judge). Feature, not a bug. Same goes for Bitcoin and the government's inability to print shekels on demand.
bbctol 10y ago
It's even more of an issue the more ambitious you get; I once heard a pretty prominent blockchain futurist talk about how smart contracts can replace lawyers and laws themselves, and thought God... as much as I don't like lawyers, at least we have a system where the law can be interpreted by human beings if an unusual edge case comes up.

CyberDildonics 10y ago

Typically banks already use immutable ledgers. If they need to change something they put append that correction onto the ledger too. > removing immutability from the blockchain turns it into something that isn't more trustworthy than any other kind of ledger How is that in any way true? Immutability means you have a record of the real data and when it occurred. Other applications can be layered on top.

aminorex 10y ago

Does not compute. Reality has no take-backs, yet we layer redress on top of reality.

Senji 10y ago

>Ethereum contracts cannot be modified or voided by third parties (e.g. a judge). Feature, not a bug. Same goes for Bitcoin and the government's inability to print shekels on demand.

bbctol 10y ago

It's even more of an issue the more ambitious you get; I once heard a pretty prominent blockchain futurist talk about how smart contracts can replace lawyers and laws themselves, and thought God... as much as I don't like lawyers, at least we have a system where the law can be interpreted by human beings if an unusual edge case comes up.