Industry Heads Convene to Talk Public Blockchains on a Private Island
Blockchain Summit 2016 is here. From June 4th through June 7th many thought leaders of blockchain tech will converge on Sir Richard Branson’s Necker Island. No doubt idea exchange will be flowing. So too will the irony that the future of blockchain, a tech that is defined by enabling trustless exchange, is being discussed on a private island. Summer is a great season. Sun, surf, longer days…all of which sum to a wink and a nod that it is ok to kick back perhaps just a bit more than usual. Those of us in tech get excited for another reason. Summer also brings with it the annual Blockchain....
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Richard Branson will host the Blockchain Summit on The Necker. His own private island. If there is one influential person who has never showed any lack of support for cryptocurrencies and Bitcoin, in particular, it is Sir Richard Branson. He has been backing Bitcoin for years and has even offered people the possibility to go into space with their virtual money. Today, we see him opening up the gates of his private island (Necker Island) to several Bitcoin-minded people with one goal: To define the future of cryptocurrencies. Defining the future of Bitcoin is a heavy statement. We see a lot....
Investor Fred Wilson, co-founder of Union Square Ventures, thinks banks are missing the most important opportunity bitcoin offers by building private blockchains. Speaking on a panel with Nathaniel Popper of The New York Times at the CB Insight “Future of Fintech,” he said the transformative value of virtual currency will be on a public blockchain, as reported by the Observer. Private blockchains copy the distributed approach of public blockchains but hide it inside the servers that their creators have given permission to maintain a copy. Private Blockchains? Think Compuserve. Wilson, a....
Vitalik Buterin is a programmer and writer. He founded Ethereum, a decentralized web 3.0 publishing platform, for which he won the World Technology Award in 2014. In this article, he explores the differences between public and private blockchains and the pros and cons of both. Over the last year, the concept of 'private blockchains' has become very popular in the broader blockchain technology discussion. Essentially, instead of having a fully public and uncontrolled network and state machine secured by cryptoeconomics (eg proof-of-work, proof-of-stake), it is also possible to create a....
Many people argue that private blockchains, run by private firms, are useless, since they make users dependent upon a third party ‒ the firm managing the blockchain. Many believe that private blockchains currently being considered are not blockchains, but rather, distributed ledger technology which has already existed. Others believe private blockchains could provide solutions to many financial enterprise problems that Bitcoin does not, such as abiding by regulations such as the Health Insurance Portability and Accountability Act (HIPAA), anti-money laundering (AML) and know-your-customer....
Blockchain technology is rapidly transforming the world and the web as we know it. Since the technology was first unveiled, there has been a substantial increase in the use of both public and private blockchains across an array of industries. In fact, government organizations, too, are starting to adopt blockchain for better security, traceability, and […]