Blockbench: a framework for analyzing private blockchains

Adrian Coyler, The Morning Paper, Jul 05, 2017
Commentary by Stephen Downes

This is a daunting post, and the article it summarizes is more daunting still. But don't worry about following all of it. Here are the main things. First, in addition to 'public' blockchain networks, like Bitcoin, there can be 'private' blockchain networks, used (for example) for internal recordkeeping. Blockchain's immutability and transparency make it attractive for this purpose. Second, in non-public settings, you don't need such an elaborate mechanism for adding a block to the bockchain. In public settings, you use something called Proof of Work (PoW), but this "consumes a lot of energy and computing power, as nodes spend their CPU cycles solving puzzles instead of doing otherwise useful work." As a result, third, "Applications for security trading and settlement, asset and finance management, banking and insurance are being built and evaluated." There's also some exposition of the different levels of a blockchain ecosystem.

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