As blockchain becomes more widely mainstream, there is increased concern over what constitutes a ‘real’ blockchain.
Private. Permissionless. Decentralised. Words we identify with blockchain. Many blockchains are centralised and private – but does this make them any less ‘real’?
Is there a true blockchain?
Blockchains – instances of blockchain technology – come in a multitude of different forms, but the typical blockchain looks like this: decentralised, permanent, public and permissionless.
This is the so-called future of the blockchain world, and the cause of much of blockchain’s hype.
Blockchain will fundamentally always be permanent; however, some may have aspects of centralisation, and many are private and permissioned. Does this mean we can no longer call them ‘blockchains’?
Some suggest the hybrid approach to blockchain. This involves a partially decentralised and partially centralised system. It is fundamentally backed by blockchain, so that it benefits from the secure proponents of blockchain, but also allows companies more control over their data.
The blockchain of the future
While the idea of blockchain can still fundamentally remain, the technology must evolve to become popularised.
This means implementation in a variety of different ways, through different formats and across a multitude of areas. Instead of a linear picture, we have a diversified and multi-faceted concept of blockchain implementation.
This means something does not have to be perfectly decentralised, permanent and immutable to be implicated with blockchain technology. Instead, blockchain can provide benefit companies in its partial, major or entire form.
Different solutions for different problems
Different business cases require a variety of different solutions.
Some of these are entirely on a public blockchain; others aren’t.
Public and permissionless blockchains are particularly relevant in technological changes for developing countries. The larger point of blockchain is promote trust, especially in places and industries where it is lacking. This is especially in demand in developing countries, where many people do not trust banks or the government. This is where public blockchains flourish.
Private blockchains can provide more security for private corporations and ensure that their data will remain within the business, traceable and immutable.
Is there a ‘true’ blockchain, then? To many, public, permissionless blockchains are the image of the ‘true’ blockchain. However, for blockchain to become popularised, it will need to adapt to industry’s needs. It will always, however, remain secure, permanent and scalable.
At Blockhead Technologies, we track supply chains, fuel and streamline metal accounting with our blockchain-enabled platform STAMP. STAMP is versatile and gives you the option of blockchain, if your company requires it. To find out more, click here.