In the context of distributed ledgers, I have noticed that many commentators and consultants confuse shared control of data with the sharing of data itself. The difference is crucial, and this common simplification misses the most important aspect of distributed ledgers.
In this post I discuss three ideas:
- Sharing of data vs shared control of data
- Control of data by rules vs by power
- Enforcement of rules by participants
I have noticed a great deal of confusion when people talk about “Hyperledger”. I recently gave a talk about this at a meetup hosted in Paypal’s offices in Singapore. This article summarises the talk.
Hyperledger is a project, not a technology, and you don’t build stuff on Hyperledger.
When people ask, “What is Hyperledger?”, the answer I give is usually “Do you mean the project called Hyperledger run by The Linux Foundation, or do you mean one of the ledger technologies incubated by that project which used to be confusingly called Hyperledger Fabric?”. The first is a group of people, the second other is a bunch of code.
I enjoyed listening to Episode 151 of the podcast “Epicenter” (previously “Epicenter Bitcoin”) featuring Ian Grigg, inventor of Ricardian Contracts and blogger at Financial Cryptography. Here are my notes – part transcription, with some edits. This one is a goldmine and covers many topics: bonds, contracts, cash, Chaumian e-cash, DigiCash, financial cryptography, Ricardian contracts, digital signatures, smart contracts, dispute resolution, Ethereum, triple entry book-keeping, oh my!
Misunderstandings and paraphrasing errors are entirely mine.
This gets fairly technical; if this is hard to follow, it may be helpful to read my introduction to smart contracts first. Hmm, if it’s still hard to follow, also read about blockchains and bitcoin and Ethereum, and digital tokens.
Ethereum builds on blockchain and cryptocurrency concepts, so if you are not familiar with these, it’s worth reading a gentle introduction to bitcoin and a gentle introduction to blockchain technology first. This article assumes the reader has a basic familiarity with how Bitcoin works.
This post tries to describe two very different uses for blockchain technology: Digital Token Ledgers that record ownership changes of digital tokens, and Activity Registers that record timestamped proofs of existence of data or agreements about data. Bitcoin is used for both.
There are good reasons and bad reasons to use blockchains. In conversations with people thinking about blockchain use cases, I have noticed common confusions and conflations arising from words initially used in a narrow context (usually to describe bitcoin’s blockchain) being understood more generically for blockchains. In this post I hope to untangle some of these common misconceptions.
Q&A with George Samman, co-author of KPMG’s report: “Consensus: Immutable agreement for the Internet of value”
This interview is posted on both www.sammantics.com and www.bitsonblocks.net. Interviewer is Antony Lewis (AL) and interviewee is George Samman (GS).