The tragic combination of inevitable bugs and immutable code Last week witnessed a catastrophic event in the Ethereum ecosystem, when The DAO, a smart contract less than two months old, began rapidly leaking funds to an unknown party. Looking at the current set of Ethereum contracts, filled with casinos and self-declared Ponzi schemes, this might… Read more »
Posts Categorized: Private blockchains
Four genuine blockchain use cases
Where shared ledgers add real value in enterprise IT Almost a year after first releasing MultiChain, we’ve learnt a huge amount about how blockchains, in a private and non-cryptocurrency sense, can and cannot be applied to real-world problems. Allow me to share what we know so far. To begin with, the first idea that we… Read more »
Beware the impossible smart contract
The three most common smart contract misconceptions As the developers of a popular blockchain platform, we sometimes get asked whether Ethereum-like smart contracts are on the MultiChain roadmap. The answer I always give is: no, or at least not yet. But in the hype-filled world of blockchains, smart contracts are all the rage, so why… Read more »
Blockchains vs centralized databases
Four key differences between blockchains and regular databases If you’ve been reading my previous posts, you will know by now that blockchains are simply a new type of database. That is, a database which can be directly shared, in a write sense, by a group of non-trusting parties, without requiring a central administrator. This contrasts… Read more »
Moving on from big blockchains
What we gain in flexibility by losing proof of work When it comes to using blockchains for inter-enterprise coordination, there’s an elephant-sized problem in the room. In my view, nobody’s talking about this issue enough, whether due to denial or the need to keep the hype going. The problem, in a nutshell, is confidentiality.
Avoiding the pointless blockchain project
How to determine if you’ve found a real blockchain use case Blockchains are overhyped. There, I said it. From Sibos to Money20/20 to cover stories of The Economist and Euromoney, everyone seems to be climbing aboard the blockchain wagon. And no doubt like others in the space, we’re seeing a rapidly increasing number of companies… Read more »
Smart contracts: The good, the bad and the lazy
Why private blockchains should not be eager to run code I’m not a fan of the term “smart contracts”. For a start, it has been used by so many people for so many different things, that we should probably just ban it completely. For example, the first known reference is from 1997, when Nick Szabo used it… Read more »
Private blockchains are more than “just” shared databases
Why blockchain detractors are missing the point And so it goes on. From popular posts to contemptuous tweets to predictions about the future, the world and its mother are lining up to throw tomatoes at private blockchains, before even understanding what they are. Saying that a private blockchain is just a shared database is like… Read more »
Delivery versus payment on a blockchain
How blockchains can solve the oldest problem in the book Trading between people is as old as humanity itself. It began at the moment when caveman Ogg said to caveman Ugg: “me give you rock, you give me berries”. But trading carries with it a fundamental problem: it requires trust. What stops Ogg from using… Read more »
Ending the bitcoin vs blockchain debate
Is there any value in a blockchain without a cryptocurrency? The debate has been running for a while but the past month has seen a serious uptick. The question being asked is: Is there any value in a blockchain without a cryptocurrency? And can these “tokenless shared ledgers” be called blockchains at all? So I’ve… Read more »