"The #Ethereum blockchain’s granular privacy layers and public-first approach make it a powerful enterprise solution for organizations that need the flexibility of an in-house platform, but also want the global reach to participate in economies of scale." https://t.co/GlZtswMjLl
ummm they serve completely different purposes... there thousands(if not more like hundreds of thousands) of companies that just wouldn't function without private intranet.
The same will likely be true for DLT / Blockchain... there are certain things you will either have an extremely hard time convincing companies to make public, or never be able to convince them to... either because of laws or because of concerns around corporate espionage... that doesn't mean that companies won't use these technologies to replace the existing way they do trusted communication.
Yeah, improving backend processes. Look at Hyperledger for example, actual working real-life blockchain deployments. Crypto is window dressing.
offthewall10666 - 7 years account age. 350 - 700 comment karma.2 months ago
The main innovation in blockchain is that it enables trustless applications and transfer of value. Using a private blockchain might be useful in some use cases, but it is an odd choice on its own because only public chains provide the trustlessness and security that makes blockchain innovative and useful.
The future might have private chains interoperating with the public chain - for example storing evidence of computation or key data on the public chain, but handling more volume of transactions on the private chain
Dude for every website you visit on the internet or file that you download there are entire networks, data centers, and a backbones of private connections, servers, and software running that you'll never see. Yet the internet is still MASSIVE.
The entire Federal Reserve is private, the ACH system is private. The credit card companies have massive networks that are private. Doesn't stop you from interfacing with the small parts that are public facing.
They key thing is *it depends*. Much like in conventional TCP networks, both intra- and inter- nets have many use cases. Private chains are really nice for intra-organization tooling and ledgers and may even scale well into small, highly trusted consortiums (think internal transfers in the banking industry between major institutions.) On the other hand a public chain is much more useful when dealing with a larger n of participants, all or none of whom are trusted or even verified entities - a lot of applications facing end-users fall in this bucket. From an organization opsec perspective I'd prefer to keep everyone that isn't my employee or contractor *out* of my internal network(private chain,) that may contain raw, sensitive data that I'd prefer to not risk exposing - much cleaner to have my users/clients transacting with the public chain and bridging through to our private chain for handling org. internal/private aspects of the transaction.