Citations

Existing Citations

  • blockchain : Block chains are distributed databases, using sophisticated cryptography and consensus to ensure end-to-end transactional integrity without the need for a trusted central party. ¶ Public blockchains deliver participants an immutable history of all transactions stored on the database. This permanent record, visible to all actors, overcomes the ‘double spend’ problem of digital goods by enabling buyers and sellers to instantaneously verify that funds and goods are available when executing a transaction. (†1952)
  • blockchain : A public blockchain mirrors this distributed trust model. It’s often called a distributed ledger, a fancy way of saying that every record is shared by everyone who’s involved in any given blockchain. Participation is open to any interested party and updates can be triggered by anyone but need to be validated by a majority of participants before they’re written to the blockchain. And, as every update is dependent on one earlier in the ledger, it creates a lineage of transactions; a “chain” of “blocks”, if you will. ¶ The nature of this lineage makes the ledger inviolate. Because updates are chained, dependent on prior ones, and validated by consensus, falsifying prior transactions is impossible without controlling a majority of peers within the blockchain. (†1954)
  • blockchain : Blockchain is important because it represents the latest in an ongoing trend towards decentralization, disruption, and disintermediation. It promises to disrupt business models and processes reliant on centralized trust. (†1958)
  • blockchain : Blockchain represents a technical solution for the decentralization of trust. Industries, processes, or business models that are heavily reliant on the centralization of trust for either competitive advantage, sustainability, or success are all under threat. Those who operate in these spaces need to start strategizing now as to how they will either mitigate the risk blockchain presents or take advantage of the disruptive nature of blockchain to radically simplify their operations. (†1959)
  • distributed ledger technology : A public blockchain mirrors this distributed trust model. It’s often called a distributed ledger, a fancy way of saying that every record is shared by everyone who’s involved in any given blockchain. Participation is open to any interested party and updates can be triggered by anyone but need to be validated by a majority of participants before they’re written to the blockchain. And, as every update is dependent on one earlier in the ledger, it creates a lineage of transactions; a “chain” of “blocks”, if you will. ¶ The nature of this lineage makes the ledger inviolate. Because updates are chained, dependent on prior ones, and validated by consensus, falsifying prior transactions is impossible without controlling a majority of peers within the blockchain. (†1955)
  • distributed trust model : This distributed-trust model overcomes the key problems with the central arbiter. The bribery and corruption risks are addressed by distributing the transaction approval authority among the quorum. Mistakes and outright fraud are prevented by transactions being validated and approved by the group before being committed to the book and copies of the book accessible to all parties at all times. Removing the central authority also removes their ability to charge monopoly fees for their services, making cow trading more efficient. Finally, this model improves convenience as trades can take place at a time convenient to the buyer and seller, without being reliant on the keeper of the ‘central book of cows’ being awake and available. ¶ In this system, trustworthiness is independent of any single one of the participants. In fact, the system continues to work even when everyone actively distrusts each other! (†1953)
  • private blockchain : Private blockchains are equally feasible. Rather than being a decentralized database that can be updated by anyone, one or more central parties control who has the ability to update the ledger. These private blockchains gain transactional speed by having fewer parties needed to achieve consensus. However, they lose openness, distributed trust, and their resistance to falsified records through sheer scale of client participation. (†1956)
  • public blockchain : A public blockchain mirrors this distributed trust model. It’s often called a distributed ledger, a fancy way of saying that every record is shared by everyone who’s involved in any given blockchain. Participation is open to any interested party and updates can be triggered by anyone but need to be validated by a majority of participants before they’re written to the blockchain. And, as every update is dependent on one earlier in the ledger, it creates a lineage of transactions; a “chain” of “blocks”, if you will. (†1957)