Multi chain private blockchain
Gideon also writes a great blog. Here are my notes on parts of the podcast that I found particularly interesting. Misunderstandings and paraphrasing errors are mine. This gets fairly technical; if this is hard to follow, it may be helpful to read my introductions to blockchainsbitcoindigital tokensand multi chain private blockchain contracts first.
MultiChain is some free software which people can download and run to design, deploy, and operate distributed ledgers blockchains that track ownership of digital tokens or assets. Coin Sciences first built CoinSpark libraries and toolkits, which included a colored coins protocol, to add functionality to The Bitcoin Blockchainsimilar to Open Assets.
Banks were tinkering by taking the Bitcoin Core code and altering it to fit their purposes which is not a public permissionless censorship-resistant bearer asset database. MultiChain was created to provide an off-the-shelf solution that FIs can take, configure and run. This allows different entities to perform different roles, eg auditors or regulators could be given connection access only and join the multi chain private blockchain network to monitor transactions.
In a MultiChain blockchain you can create coins or digital tokens which have an immutable ownership history, which all nodes track and verify. Assets or digital tokens are tracked similarly to Bitcoin: Additionally, a single multi chain private blockchain can reassign ownership of multiple assets in one bundle, which collectively succeed or fail.
In a blockchain with known participants asset owners and block-adderscompetitive mining and confirmations is less important than in an anonymous public blockchain, because if someone tried to double spend, you know who they are and can take them to court for attempted fraud.
Public and private blockchains have very different use cases and solve a multi chain private blockchain set of problems. Bitcoin may end up as a decentralised global general repository of information, accessible to everybody, as a replicated permanent timestamp system. One of the roles of central entities is to multi chain private blockchain as a Chinese wall. Blockchains in their current form make the settlement transactions visible, and this is clearly a problem for an industry where you may not want a competitor to see your trade.
Zero Knowledge Proofs are under investigation by various groups. Privacy vs transparency depends on the particular use case and what you need from your shared database. Still figuring this out, imagining a world with millions of blockchains, like databases or networks, not just a handful of big public blockchains.
How transactions are validated on a distributed ledger BankNXT. You multi chain private blockchain commenting using your WordPress. You are commenting using your Twitter account. You are commenting using your Facebook account. Notify me of new comments via email. MultiChain lets people create customised private blockchains.
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