Public and Private Blockchains: Enemies or Allies?
R Tyler Smith
715

Tyler,

I left a comment under the coindesk article, copying it here to have a separate discussion:

Imagine Microsoft, Apple and Google coming out and saying: okay, let’s create an enterprise-grade version of HTTP and then make HTTP standard to comply with what we have. Isn’t it… weird?

Banks are afraid of being replaced by completely automated systems, but it’s a good thing, we need it, because intrinsically banks can’t innovate fast enough, due to their size, their business model, etc. We talk of decentralization and now we’re praising centralized companies to create their private blockchains?

We all have heard of 51% attack. A private blockchain is a blockchain that underwent 100% attack, it completely defeats the purpose. What prevents Wells Fargo to create millions of fake accounts on their private blockchain, if no one can see it anyway?

Quote from the alliance website, thats 1 out of 3 sentences available there:
“In partnership with the dedicated and robust Ethereum community, Enterprises are coming together to produce the industry standard, open source, free to use blockchain solutions that will be the foundation for businesses going forward.”

Again, what? There is a community already, there are standards, why don’t all these companies contribute to Ethereum and Bitcoin by trying to incorporate this new reality into their business models?

My opinion: top-down innovation never works, we need to enable more bottom-up innovation in these outdated industries. I’ll be speaking about this and other topics and theblockchain.nz, come or tune in.

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