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Blockchain: Difference between revisions
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{{a|tech|}} | {{a|tech|}}A [[blockchain]] is a distributed record of information — transactions, contracts, whatever — stored across a network. Each “block” of information gets its own cryptographic code which is posted to ''every'' node on the network. Thus, you can’t futz with any information on the blockchain unless you can futz with the whole network, which is like boiling the ocean. Once written, the blocks are, therefore, effectively permanent. | ||
A blockchain is a distributed record of information — transactions, contracts, whatever — stored across a network. Each “block” of information gets its own cryptographic code which is posted to ''every'' node on the network. Thus, you can’t futz with any information on the blockchain unless you can futz with the whole network. Once written, the blocks are, effectively | |||
Blockchain allows ''parties who don’t trust each other'' to transact in confidence. What’s done is done — what’s on the blockchain cannot be reversed. There’s a permanent record. No one controls it: it’s truly anarchic, like: no government. No mendacious middlemen like banks. just pure, untrammelled laissez-faire. | Blockchain allows ''parties who don’t trust each other'' to transact in confidence. What’s done is done — what’s on the blockchain cannot be reversed. There’s a permanent record. No one controls it: it’s truly anarchic, like: no government. No mendacious middlemen like banks. just pure, untrammelled laissez-faire. | ||
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The FT reports that as long ago as 2016 Gartner put blockchain near the top of its “peak inflated expectations” curve. | The FT reports that as long ago as 2016 Gartner put blockchain near the top of its “peak inflated expectations” curve. | ||
===Uniqueness and the promise of non-fungible tokens=== | ===Uniqueness and the promise of [[non-fungible token|non-fungible tokens]]=== | ||
The Blockchain's unique selling point is ''uniqueness'': a single entry on the ledger is there, it is fixed, it is unique for all time and uneditable. Any facsimile of it is non-[[fungible]]. By contrast, the regular internet not only allows lossless copying, but encourages it and, in fact, is predicated on it. That’s at the heart of its packet switching, [[End-to-end principle|end-to-end]] architecture. | The Blockchain's unique selling point is ''uniqueness'': a single entry on the ledger is there, it is fixed, it is unique for all time and uneditable. Any facsimile of it is non-[[fungible]]. By contrast, the regular internet not only allows lossless copying, but encourages it and, in fact, is predicated on it. That’s at the heart of its packet switching, [[End-to-end principle|end-to-end]] architecture. | ||
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If you import a "canonical" “real world” artwork, then it is the ''blockchain representation'' that is certifiably, ontologically inferior: it is uniquely, definitively *not* the original work. Ironically, putting a real artwork on blockchain makes your copy *worse* than a straight digital copy. | If you import a "canonical" “real world” artwork, then it is the ''blockchain representation'' that is certifiably, ontologically inferior: it is uniquely, definitively *not* the original work. Ironically, putting a real artwork on blockchain makes your copy *worse* than a straight digital copy. | ||
====Is uniqueness really, er, ''special''?=== | ====Is uniqueness really, er, ''special''?==== | ||
The rampant copy-ability of everything in this day and age no doubt prompted this rush to non-fungibility. Authenticity is in deep demand. No-one trusts experts anymore. Everything is ripped off. ''Everything'' is fake. Indubitability — [[certainty]] — is some kind of holy grail.<ref>But see our essay as to why [[doubt]] is no bad thing.</ref> But is uniqueness, in the abstract, of any value, ''in and of itself''? | The rampant copy-ability of everything in this day and age no doubt prompted this rush to non-fungibility. Authenticity is in deep demand. No-one trusts experts anymore. Everything is ripped off. ''Everything'' is fake. Indubitability — [[certainty]] — is some kind of holy grail.<ref>But see our essay as to why [[doubt]] is no bad thing.</ref> But is uniqueness, in the abstract, of any value, ''in and of itself''? | ||