The Business Blockchain (BC) (William Mougayar) (What is the blockchain…
The Business Blockchain (BC) (William Mougayar)
First lack of trust in Government
Followed by mistrust of big business (including the distributed social media big business)
Moving away from centrslied anchors of trust (because of a lack of trust)
Many existing decentralised centres of trust are cumbersome
Idea behind Etherium is ultimate abstraction on which others can build smart contracts
Current blockchain elephant is scalability
Also the issue of adoption
At it's core the blockchain is a technology that allows permanently recording transactions in a manner that cannot later be erased but only sequentially updated (never ending historical trail)
Blockchains losen up trust (allows us to evade control points). A distributed ledger is only one of it's priorities. Trust is replaced by cryptographic nodes. Trust will ultimately follow the path of least resistance to the periphery
Haveinng no single node of failure makes them so resilient
Over time the proliferation of chains will create the distributed trust (There will be digital ownership certificates for everything and for every change made)
What is the blockchain (they can't be understood outside of the overall philisohphoical underpinning. This is critical because the real value lies in understanding the best application)
Satoshi's paper: The route of modern blockchain based application. The key points of logic are as follows: P2P electronic transactions and interactions without financial institutions; cryptographic proof I/O central trust; Put trust in the network I/O in a central institution)
Technical definition: A backend DB that maintain a distributed ledger that can be inspected openly.
Business definition: An exchange network for moving transactions , value or assets between peers without the use of intermediaries
Legal definition: Validates transactions replacing previously trusted entities.
The rapid evolution and speed of adoption curves are expected to have the same impact (block chain will ride on the now ubitqotutous nature of web driven stuff). Like the WWW it is a mother protocol that sits on top of the single internet. It is part DB, part development platform and part network enabler.
Evolution of adoption: It took about 3 years for most companies to understand the WWW's potential after it's initial commercialisation in 1994. It took 7 years after the internet's launch in 1983 for the WWW to come into play.
Introduction to BC applications (it is many things working at once and some connected but not all)
Because the BC needs the internet but not the WWW, they can be built as native applications or mixed into WWW applications (Hybrids).
The BC has a strong narrative (i.e. open ended and yet to be determined; you will determine the outcome (it sparks our imagination. The benefits of narratives - differentiation; leverage; distributed innovation; attraction; relationships (see Don Hagel)
It is a meta technology because it affects other technologies and is made up of a number of technologies itself. NB: It is a technology that changes other technologies.
It is a triad of combustion of the known fields game theory (Byzantine General's dilemma), cryptography (hashing; keys and digital signature) and software engineering.
The DB vs the Distributed Ledger. e.g. is bank account where you trust the bank and they point you to the DB entry . In a BC you skip the intermediary (we have to get an account with a cryptocurrency exchange to understand this in practice)
As the WWW replaced a number of other platforms so the P2P BC platform will threaten the current WWW dominance
The BC exhibits simultaneously the following 10 priorities
2: Computing infrastructure
3: TX platform
4: Decentralised DB
5: Distributed accounting ledger
6: Development platform
7: Open source software
8: Financial services market place
9: P2P network
10: Trust services layer