The Private Blockchain Fallacy

In all the blockchain hype, a simple, yet self-refuting idea
keeps popping up: a Private Blockchain.

In order to understand why a private blockchain is nonsense, we must
first define what a block chain is and what it is not. Since Nakamoto
coined (PDF) the term, lets see if
his description helps:

a peer-to-peer distributed timestamp server to generate computational
proof of the chronological order of transactions

It does highlight some important traits of “a block chain” (Nakamoto
used a space between both words, I use the current popular term
blockchain):

peer-to-peer: implying distribution; at least ruling out a central
authority
computational proof: implying it to be verifiable
timestamp-server/chronological ordering: it’s goal, but also implying
permanence
Marco Iansiti and Karim R Lakhani have a more accessible explanation:

an open, distributed ledger that can record transactions between two
parties efficiently and in a verifiable and permanent way.

open (often called permissionless)
distributed (often called decentralized)
verifiable
permanent (often called immutable)
In other words: anything that does not match those criteria, is by
definition,


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Original article

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