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Blockchain: Difference between revisions
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*There’s no mechanism to correct errors | *There’s no mechanism to correct errors | ||
*There's no — ahem — trusted intermediary who can dab the breaks, nudge the steering wheel, pursue fraudsters or help enforce contracts (purist blockchain ideology assumes contracts can be and users will want them to be enforced “[[code is law|by code]]”). The bank of Canada put it succinctly: at “its heart, there exists a fundamental inconsistency or tension between a centralised wholesale interbank payment system, as we have now, and the decentralisation inherent in the DLT” | *There's no — ahem — trusted intermediary who can dab the breaks, nudge the steering wheel, pursue fraudsters or help enforce contracts (purist blockchain ideology assumes contracts can be and users will want them to be enforced “[[code is law|by code]]”). The bank of Canada put it succinctly: at “its heart, there exists a fundamental inconsistency or tension between a centralised wholesale interbank payment system, as we have now, and the decentralisation inherent in the DLT” | ||
*There’s no value that a trusted intermediary can add to the system: it’s [[caveat emptor]], [[user pays]], entirely at owner’s risk. A uber-libertarian's wet dream in other words. Great if you're holed up in a cabin in the woods with ammo and canned spam, a Spartan outlook for | *There’s no value that a trusted intermediary can add to the system: it’s [[caveat emptor]], [[user pays]], entirely at owner’s risk. A uber-libertarian's wet dream, in other words. Great if you're holed up in a cabin in the woods with ammo and canned spam, but a fairly Spartan outlook for those of us who are prepared to live with a bit of benign intrusion so our GPS works okay. In other words, ''pure'' [[blockchain]] demands a trade-off most pragmatic people aren’t prepared to make. | ||
Now if you ''adulterate'' blockchain to correct for its nasty, brutish shortness — if, in other words, you overlay trusted intermediaries, fail-safes, benign enforcement and monitoring — then: | |||
*you’ve imported back in all the problems you thought you were trying to solve and | *you’ve imported back in all the problems you thought you were trying to solve; and | ||
*existing systems already do all of this stuff more quickly, reliably, cheaply and at greater volume than a blockchain could reasonably handle. | *existing systems already do all of this stuff more quickly, reliably, cheaply and at greater volume than a blockchain could reasonably handle. | ||
So — whither the use case, dudes? | So — again, whither the use case, dudes? | ||
===The sovereign individual=== | ===The sovereign individual=== | ||