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Public Blockchain Examples

Understanding Public Blockchain Governance

Understanding Public Blockchain Governance

The crypto-anarchist narrative and vision behind blockchain technology holds that blockchains are powerful tools with which to decentralise much of societys social, political, and economic infrastructure. Blockchains which can be thought of as general-purpose, distributed transaction ledgers could be used to symbolically represent any asset. Bitcoin for example approximates digital cash, and aims to change the nature of money in society by challenging the states control of monetary policy and taxation. However, the applications of blockchain technology extend beyond digital cash. Though corporations and governments currently provide the economic and political infrastructure for human exchange and interaction, technologists argue that blockchain applications could provide this same infrastructure without the intermediaries and gatekeepers, thus redressing existing power asymmetries. Concretely, a blockchain is a distributed ledger that records all the transactions that take place within its network. Exchange on blockchains follow the rules prescribed by their protocols, leading them to be characterised as being decentralised, immutable, apolitical and trustless. Their protocols, it is argued, through being defined in code, are unambiguous, comprehensive and hard to change. Removing human agency also eliminates arbitrary, corrupt or inconsistent enforcement of rules; unlike in the social world, within a blockchain the coded protocol is the law that defines and regulates all interactions. I refer to this idea as governance by the network. This is a notable achievement. Sociologists and political scientists have long been preoccupied with how to foster trust and overcome problems of cooperation and coordination. Game-theoretic models such as the prisoners dilemma illustrat Continue reading >>

Public Vs. Private Blockchains

Public Vs. Private Blockchains

Private or permissioned blockchains operate similarly to public blockchains but have access controls that limit who can participate in the network. This means that it operates like centralized database systems of today that restrict access to certain users. In a private blockchain, one or multiple entities control the network. This causes you to still have to rely on third-parties to transact. Now, the question is why have two different approaches? Well, to be frank, public blockchains still have a lot of hard technological problems that need to be solved.First and foremost is privacy. Transactions that take place on a public blockchain are public. This means that anyone can see them take place. This is very much in opposition to how society and traditional enterprises have operated. Private blockchains solve this by adding privacy controls at the detriment of security. In practice, private blockchains act as a middle ground between traditional cloud computing and decentralized public blockchains. Another hard technological problem that public blockchains have is scaling. Public blockchains can't handle large quantities of transactions currently. It's like the dial-up era of internet for public blockchains. On the flip side, private blockchains have many of the scaling capabilities we expect of our cloud computing today. To summarize, public blockchains have limited privacy and scaling issues that prevent mass scale adoption. Private blockchains solve these problems by being a hybrid of cloud computing and blockchain rolled into one. At first glance, private blockchains may seem like the way to go to implement blockchain technology. But, as they say, you can't have your cake and eat it too. The debate between public vs. private blockchains is analogous to that of the i Continue reading >>

The Difference Between Public And Private Blockchain

The Difference Between Public And Private Blockchain

Blockchain Unleashed: IBM Blockchain Blog The difference between public and private blockchain May 31, 2017 | Written by: Praveen Jayachandran Categorized: Blockchain Developers | Blockchain Explained | Blockchain Identity There are a number of explanations on what blockchain is and what exactly is the difference between Bitcoin and blockchain , but another area where I get many questions, is the difference between public and private blockchain. The similarities of public and private blockchain Many flavors of blockchain have evolved over the years and the terminology is often misconstrued. This is easy to do because public and private blockchain have many similarities: Both are decentralized peer-to-peer networks, where each participant maintains a replica of a shared append-only ledger of digitally signed transactions. Both maintain the replicas in sync through a protocol referred to as consensus. Both provide certain guarantees on the immutability of the ledger, even when some participants are faulty or malicious. The sole distinction between public and private blockchain is related to who is allowed to participate in the network, execute the consensus protocol and maintain the shared ledger. A public blockchain network is completely open and anyone can join and participate in the network. The network typically has an incentivizing mechanism to encourage more participants to join the network. Bitcoin is one of the largest public blockchain networks in production today. One of the drawbacks of a public blockchain is the substantial amount of computational power that is necessary to maintain a distributed ledger at a large scale. More specifically, to achieve consensus, each node in a network must solve a complex, resource-intensive cryptographic problem called a proo Continue reading >>

17 Blockchain Applications That Are Transforming Society

17 Blockchain Applications That Are Transforming Society

17 Blockchain Applications That Are Transforming Society Angel Investors, Startups & Blockchain developers... The early internet dealt with intangibles. You sent or received emails, corresponded on forums, read and distributed articles. This modern internet deals with assets, your most valuable immediate items that you can touch and want to protect. These assets are stored in encoded form on a network-to-network chain called the blockchain or ledger, where each participant sees who you do business with. This not only protects your business dealings and prevents theft, but, also, simplifies your affairs, quickens the process, reduces errors, and saves you from hiring a third party. This decentralized blockchain system is going to change your life from the way you transact business or manage assets, to the way you use your machines, vote, rent a car, and even prove who you are. Along the way, it will transform banks and other financial institutions, hospitals, companies, and governments among others. Heres what the blockchain does and what it means to you. At its simplest, cryptocurrencies, or digital coins, are coins that are passed through an electronic network. You can make transactions by check, wiring, or cash. You can also use a type of virtual currency, most famously Bitcoin (BTC) but also Litecoin, Peercoin, or Dogecoin, among others, where you use an electronic coded address to make the transaction. The more valuable the transaction, the more you want to protect it. Traditional systems hire a mediator, such as a banker or a remittance company to ensure trust. Islanders of Yap had a different solution. They kept a mental record of who owned what and referred to this distributed community record when disputes arose. The blockchain is this community record on a wid Continue reading >>

Public And Private Blockchain Concepts And Examples

Public And Private Blockchain Concepts And Examples

Public and Private Blockchain Concepts and Examples There has been tremendous interest in blockchain, the technology on which Bitcoin functions. Nakamoto developed the blockchain as an acceptable solution to the game theory puzzle Byzantine Generals Problem. This lead to a number of firms adopting the technology in different ways to solve real world issues, wherever there was an element of trust involved. Majority of them could be relating to the ability to provide proof of ownership for documents, software modules/licenses, voting etc. As you know, we at LTP have been doing a lot of research to understand other use cases of blockchain apart from Bitcoin-based payments. Recently we had released a comprehensive analysis of 50+ startups and 20 use-cases of blockchain. Though there have been news of large companies accepting bitcoin (Ex.: Amazon, Microsoft, Dell) and the overall acceptance reaching a 100,000+ merchants figure, upon deeper examination we realize that large corporations do not store the Bitcoin payments. They generally partner with a Bitcoin payment processor who converts the Bitcoins to cash as and when they receive a payment and this converted amount is what the corporates take into their account. What a bummer! By definition, blockchain is a ledger of all transactions that have been executed and could be seen as a write-only platform, wherein transactions once executed cannot be modified later. This platform has been further divided into Public and Private blockchain. Is there a third one? a hybrid mode such as a Consortium blockchain as represented by Vitalik Buterin, founder of Ethereum, a decentralized web 3.0 publishing platform. A public blockchain is a platform where anyone on the platform would be able to read or write to the platform, provided th Continue reading >>

The Truth About Blockchain

The Truth About Blockchain

Contracts, transactions, and records of them provide critical structure in our economic system, but they havent kept up with the worlds digital transformation. Theyre like rush-hour gridlock trapping a Formula 1 race car. Blockchain promises to solve this problem. The technology behind bitcoin, blockchain is an open, distributed ledger that records transactions safely, permanently, and very efficiently. For instance, while the transfer of a share of stock can now take up to a week, with blockchain it could happen in seconds. Blockchain could slash the cost of transactions and eliminate intermediaries like lawyers and bankers, and that could transform the economy. But, like the adoption of more internet technologies, blockchains adoption will require broad coordination and will take years. In this article the authors describe the path that blockchain is likely to follow and explain how firms should think about investments in it. Weve all heard that blockchain will revolutionize business, but its going to take a lot longer than many people claim. Like TCP/IP (on which the internet was built), blockchain is a foundational technology that will require broad coordination. The level of complexitytechnological, regulatory, and socialwill be unprecedented. The adoption of TCP/IP suggests blockchain will follow a fairly predictable path. While the journey will take years, its not too early for businesses to start planning. Contracts, transactions, and the records of them are among the defining structures in our economic, legal, and political systems. They protect assets and set organizational boundaries. They establish and verify identities and chronicle events. They govern interactions among nations, organizations, communities, and individuals. They guide managerial and social Continue reading >>

Fundamental Challenges With Public Blockchains

Fundamental Challenges With Public Blockchains

Source: Theres no question that blockchain technology has enormous potential. Decentralized exchanges, prediction markets, and asset management platforms are just a few of the exciting applications being explored by blockchain developers. Exciting enough, in fact, to raise over billions in ICOs and drive massive price rallies throughout 2017. The hype is real. Dont get me wrong. I love the fact that blockchain hype is helping popularize it with mainstream users. Finally, I dont get blank stares from people when I say Bitcoin or Ethereum. However, theres a flipside to this story that isnt getting enough attention: blockchains have several major technical barriers that make them impractical for mainstream use today. I believe that we will get there, but we need to be realistic as developers and investors. And the reality is that it could be many years before trustless systems are ready for mainstream use at scale. Some of these technical barriers include: In this post, Ill walk through these technical barriers and share examples of solutions for overcoming them. As developers, I believe its critical that we shift some of our focus away from shiny new ICOs to the real technological challenges standing in our way. NOTE: Theres no way I can cover every problem and every solution out there, but I covered the ones Im most familiar with. Please refrain from too harshly criticizing me for not including something. Id love for you to post anything I missed in the comments and Ill add it if I see fit:) And if Ive made any mistakes or wrong assertions, please let me know! Currently, all public blockchain consensus protocols have a challenging limitation: every fully participating node in the network must process every transaction. Why? Well, recall that blockchains are fundamentall Continue reading >>

Banking Is Only The Beginning: 30 Big Industries Blockchain Could Transform

Banking Is Only The Beginning: 30 Big Industries Blockchain Could Transform

Banking Is Only The Beginning: 30 Big Industries Blockchain Could Transform Banking and payments aren't the only industries that could be affected by blockchain tech. Law enforcement, ride hailing, and manyother sectors could also have blockchain in their future. Bitcoin and other virtual currencies are made possible by whats known asblockchain technology. Blockchain isessentially a global public ledger capable of automatically recording and verifying a high volume of digital transactions, regardless of location. Bitcoins popularity is proving blockchains usefulness in finance, but entrepreneurs have come to believe blockchain could transformmany more industries. Ultimately, the use cases for a transparent, verifiable register of transaction data are practically endless especially since blockchain operates through a decentralized platform requiringno central supervision, while still remaining resistant to fraud. As startups use blockchain to drive greater transparency and veracity across the digital information ecosystem, theyre boosting awareness of the technology in sectors ranging from payments to public policy.Here are the latest innovative wayscompanies are harnessing the power of global blockchain. Become an expert on blockchain in this live briefing. Well provide the definitions and analogies you need to know for bitcoin, blockchain, cryptocurrencies, and more. From a macro perspective, banks serve as the globalstorehouses and transfer hubs of value. As a digitized, secure, and tamper-proof ledger, blockchain could serve thesame function, injecting enhanced accuracy and information-sharing into the financial services ecosystem. Swiss bank UBS and UK-based Barclays are both experimenting with blockchain as a way to expedite back office functions and settlement, w Continue reading >>

Understanding The Basics Of Blockchain In Government | Deloitte Insights

Understanding The Basics Of Blockchain In Government | Deloitte Insights

Blockchains influence in the public sector will be mostly behind the scenes. But the technology has the potential to bring security, efficiency, and speed to a wide range of services and processes. How should government agencies look to incorporate blockchain into the way they function today? Introduction: Value creation for all kinds of transactions Back in 1995, Bill Gates attended a conference at which tech visionaries touted the potential of an emerging technology of which many people around the world hadnt yet even heard: the World Wide Web. At the time, people couldnt do much onlinethere was virtually no shopping, no entertainment, no news, very little trafficbut Gates returned to Microsoft headquarters and dramatically shifted the companys strategic plan to focus on the possibilities. 1 He recognized the Internets potential power as a platform for disrupting businessand societyas usual. Not even Gates could foresee all the ways it would be used, but he understood information technology well enough to recognize the emerging value proposition and resulting innovation that the first generation of the Internet could enable. Blockchain technology is unlikely to capture the public imagination in the same way as the colorful initial wave of online innovation did; its impact will be largely behind the scenes. Yet the potential is enormous: Some see blockchain bringing us the Internet of value: a new, distributed platform that can help us reshape the world of business and transform the old order of human affairs for the better. 2 Blockchains benefitsof security, efficiency, and speedare readily applicable to public sector organizations, and the technologys potential helps explain why so many government leaders are actively exploring its uses in government. Indeed, blockc Continue reading >>

Public Vs Private: The Great Blockchain Debate

Public Vs Private: The Great Blockchain Debate

Public Vs Private: The Great Blockchain Debate Both public and privateblockchainshave their roles to play to serve the underserved. Anson Zeall The blockchain is the greatest technological innovation of our time. It contributed to the massive wave of change and disruption in the financial industry. While blockchain has almost reached the mainstream in terms of recognition, acceptance of the system is still hindered by arguments of how it is best applied. If you still need to know the basics of blockchain, here is a simplified introduction to the concept and system: . Here is also a quick read on blockchains: . The debate between public and private blockchains has been ongoing for some time. Both sides support differing and equally valid opinions. The earlier personas of these two camps are as follows; The fans of public blockchains tend to have more liberal ideals, and are market driven capitalists. The earlier Bitcoin investors are the best examples of public blockchain supporters. Earlier Supporters of Private Blockchains The ones that support the private blockchains tend to be the ones who support the incumbents where a consortium is formed in order to form a rather exclusive network. R3 is a good example of this. As the ecosystem grows, the public blockchain camp starts to see the need for private blockchain in some instances and vice versa. The consensus public blockchain camp argued that volatility will dissipate once there is more volume. I disagreed from the beginning as the premise was already incorrect. The stock market has been in existence for over 300 years since the days of the tulip mania. Crisis happens over and over again, yet the volatility does not dissipate with size. With the same deductions, this is the same for public blockchains. We cannot expec Continue reading >>

Blockchain Applications Using Blockchain For Public Data

Blockchain Applications Using Blockchain For Public Data

Everyday we unknowingly rely on open data. From checking the weather to finding direction via GPS, we make some of our most basic decisions using this freely available data. But what happens when theyre suddenly gone? If the government decides to stop releasing open data, like President Trump did in early February, or a company decides to manipulate data on its products, like Airbnb did with its New York listings, what then? Brian Forde wrote on Harvard Business Review that blockchain applications not only includefinancial transactions (like Bitcoin) but also public data. Mr. Forde suggests that public blockchains will enforce the validity of the data as time-stamps and signatures can then be compared against multiple entities, thereby decentralizing data control. If you need a quick refresher on how blockchain works, see Understanding Blockchain . Blockchain Benefits for Governments, Companies, and Consumers In his article, Mr. Forde uses ride-sharing companies as an example to illustrate how blockchain applications can benefit governments, companies, and consumers. By submitting data into a secure blockchain with appropriate access levels, the government can monitor and regulate companies in real-time. Also, if a ride-sharing driver takes a longer route than necessary, this data can be made immediately available to the consumer and the local agency to improve safety and better protect the rights of everyone involved, instead of resorting to the companys legal and customer support team. And on the company side, they can more efficiently comply with the law by using a digital, adaptable system, instead of a paper and person-based incumbent, outdated system. While this sounds wonderful, how much of it is in the realm of reality versus fiction? Are Blockchain Application Continue reading >>

Types Of Blockchains

Types Of Blockchains

Blockchains & Distributed Ledger Technologies The Bitcoin White Paper was published by Satoshi Nakamoto in 2008; the first Bitcoin block got mined in 2009. Since the Bitcoin protocol is open source, anyone could take the protocol, fork it (modify the code), and start their own version of P2P money. Many so-called altcoins emerged and tried to be a better, faster or more anonymous than Bitcoin. Soon the code was not only altered to create better cryptocurrencies, but some projects also tried to alter the idea ofblockchain beyond the use case of P2P money. The idea emerged that the Bitcoin blockchain could be in fact used for any kind of value transaction or any kind of agreement such as P2P insurance, P2P energy trading, P2P ride sharing, etc. Colored Coins and Mastercoin tried to solvethat problem based on the Bitcoin Blockchain Protocol. TheEthereum project decided to create their own blockchain, with very different properties than Bitcoin, decoupling the smart contract layer from the core blockchain protocol, offering a radical new way to create online markets and programmable transactions known as Smart Contracts . Private institutions like banks realized that they could use the core idea of blockchain as a distributed ledger technology (DLT), and create a permissionedblockchain (privateor federated), where the validator is a member of aconsortium or separate legal entities of the same organization. The term blockchain in the context of permissioned privateledger is highly controversial and disputed. This is why the term distributed ledger technologies emerged as a more general term. Private blockchains are valuable for solving efficiency, security and fraud problems within traditional financial institutions, but only incrementally. Its not very likely that private Continue reading >>

4 Incredible Examples Of How Blockchain Is Changing The Future Of Humanrights

4 Incredible Examples Of How Blockchain Is Changing The Future Of Humanrights

A place to share knowledge and better understand the world. 4 Incredible Examples Of How Blockchain Is Changing The Future Of HumanRights By Alyssa Satara , Masters of Law (LLM) Public International Law & Human Rights, City University London (2016). Originally published on Quora . Blockchain is best known for being the technology behind cryptocurrencies like Bitcoin and Ether (the currency of Ethereum), but blockchain is much more than an instrument of finance. Its an encrypted database of agreements, so to speak. This means once a deal is made, neither party can go back and rewrite the terms. Smart Contracts a blockchain based contract that holds both parties accountable by only completing the terms of the agreement once both parties have fulfilled their end of the bargain is a perfect example. Blockchain serves as a bookkeeping platform or ledger that is incorruptible, enforces transparency, and bypasses censorship. By tackling issues of financial, political and institutional corruption, this has the potential to create massive social change and greatly protect the human rights of every individual. Were already seeing some of this amazing work unfold. This year, the UNWFP sent over 10,000 Syrian refugees cryptocurrency-based vouchers. Led by Ethereum co-founder Gavin Wood, and blockchain big data firm Datarella, Parity Technologies put this platform into action and helped thousands of refugees use cryptocurrency to purchase food, according to Coindesk . In 2014, the Syrian crisis had become the biggest humanitarian emergency of our era, said Antnio Guterres, the UN High Commissioner for Refugees . Today, the global refugee crisis continues to grow, and the agencies and countries who are heavily invested are having to look toward new solutions to solve an otherwise un Continue reading >>

Practical Examples Of How Blockchains Will Be Used In Legal Firms

Practical Examples Of How Blockchains Will Be Used In Legal Firms

Practical Examples Of How Blockchains Will Be Used In Legal Firms Opinions expressed by Forbes Contributors are their own. I contend that blockchain technology is going to disrupt many businesses and industries and the legal profession just might be next. Although there are many appealing characteristics of blockchain technology for lawyers, perhaps the best one of all is that it can secure information in an immutable and transparent ledger. Blockchain technology is on pace to revolutionize the legal industry and many predict it will become as ubiquitous as the internet is today. Blockchain is a comprehensive, up-to-date (real-time) ledger of anything that can be recorded from financial transactions to ownership of physical assets stored in a distributed, peer-to-peer fashion. Every record is encrypted and time stamped. Only users can edit the part of the blockchain that they own and they gain access to the file only because they have a private key that allows them to. It also ensures that everyones copy of the distributed blockchain is kept in sync. There are many different blockchainspublic and privateand they allow anyone to send value anywhere in the world where the blockchain file can be accessed. Blockchain technology has solid and effective security and has been described as hackproof. Unfortunately, nothing really is fully hackproof, but blockchain technology is more secure than our current technology and should reduce the risk of breaches. How blockchain will impact the legal profession Even though wide-scale adoption hasnt happened yet, there are proof-of-concept projects taking place in nearly every industry. Law firms need to know about this technology so they can be poised to guide and serve clients within the new blockchain reality in addition to altering Continue reading >>

Blockchain - Wikipedia

Blockchain - Wikipedia

For other uses, see Block chain (disambiguation) . Blockchain formation. The main chain (black) consists of the longest series of blocks from the genesis block (green) to the current block. Orphan blocks (purple) exist outside of the main chain. A blockchain [1] [2] [3] originally block chain [4] [5] is a continuously growing list of records , called blocks, which are linked and secured using cryptography . [1] [6] Each block typically contains a hash pointer as a link to a previous block, [6] a timestamp and transaction data. [7] By design, blockchains are inherently resistant to modification of the data. Harvard Business Review defines it as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way." [8] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance . Decentralized consensus has therefore been achieved with a blockchain. [9] This makes blockchains potentially suitable for the recording of events, medical records, [10] [11] and other records management activities, such as identity management , [12] [13] [14] transaction processing , documenting provenance , or food traceability . [15] The first blockchain was conceptualised in 2008 by an anonymous person or group known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it serves as the public ledger for all transactions. Continue reading >>

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