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RE: Private Blockchain - An Oxymoron?
that is so ridiculous- PRIVATE BLOCKCHAINS? I just do not know if this is going to be a reality someday but if it does become a reality, I am jumping ship back to where I started- fiat- because basically, they will be the same I think.
And, another question, how can a blockchain possibly become private? how can the ledgers and nodes "agree" in order to make a transaction if it is not accessible to the public?
I believe a lot of people out there share my outrage over this "idea" because if indeed, there is a private blockchain, then, its useless to mine, transact or even assign values to our alt coins. Who know? Perhaps someone already spent my coins in a transaction as per crypto whitepaper.
Dear @nurseanne84
I'm not sure how private blockchains would work and this is first time I'm hearing about them. But why would you ever consider moving back to fiat? Blockchain has still many advantages.
I've been also wondering about it.
Yours
Piotr
Now that there's a rumor about it- even vague references, we have to be "alert. "
It was the first time that I heard from @reverseacid and, I wanted to address that part because a blockchain, is a public "document." As far as I can understand.
Yes. If the cryptoworld will start doing private blockchains, I will get all my money and run! Because basically, its the same with fiat. At least with fiat, they have gold reserves..........
Don't worry as of now, its not like a near future plan. Its more of a distant possible option if the going gets really, really bad.
You are mixing up blockchain and cryptocurrencies.
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Please elaborate further on their difference.
Thanks.
Here is where you can find that answer http://bfy.tw/LvbL
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hey @crypto.piotr, check the link above!
There are multiple usecases for private blockchains:
Read more here: https://www.multichain.com/blog/2016/05/four-genuine-blockchain-use-cases/
Hi @nurseanne84, thanks for commenting and supporting our work.
First off, just to get it out of the way, with the underlying blockchain itself being a transformative power for data transfer, a private blockchain still works more efficiently than other private databases. Of course, control is centralized, but the point of these anyhow is not to create open systems but to supplement a closed system
A blockchain like Bitcoin is a public protocol. A blockchain run by IBM to track their supply chain is a private protocol. These private protocols need not have "nodes" in the traditional sense as they do not require consensus as such. The nodes in this case (IBM) will be their suppliers and other intermediaries. It's kind of like small scale consensus. There's no incentive to mine and their may or may not be a token that it runs on. It may simply be an immutable database for ease of maintaining corporate relations.
Hope this helped you in some way!
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