To state that a private blockchain is just a shared database is like saying that HTML and HTTP are “just” distributed hypertext. It’s wrong in two ways. First, the semantic one: private blockchains are a technology that enables shared databases, like pens enable writing and HTML/HTTP enable distributed hypertext. The bitcoin blockchain and its primary application cannot be meaningfully separated, because one could not exist without the other. But this equivalence does not apply to private blockchains at all.
Yes, private blockchains are just a way to share a database. But they enable a new type of shared database, with huge implications for the financial world and beyond.
Read the full article by Dr Gideon Greenspan to find out exactly why
A Blockchain A-Z of useful articles, explanations and analyses of the key issues, aspects and concerns of blockchain technology and distributed/shared ledgers; and their current and future potential in banking & finance, law, government and commerce.
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