“Blockchain technology is used in a peer-to-peer network of parties, who all participate in a given transaction.” — IBM
Except that at least for one well-publicized blockchain, the one built by World Food Programme, there is only one participating party: itself.
“Because the ledger is distributed, everyone involved can see the ‘world state’ at any point in time and can monitor the progress of the transaction.” — IBM
Mastercard’s blockchain, however, is not viewable by anybody.
“Since 2007 Estonia has been operating a universal national digital identity scheme using blockchain,” — Harvard Business Review
Satoshi’s Nakamoto’s paper on the subject was not published until October 2008.
Paxos is a family of protocols for solving consensus in a network of unreliable processors (that is, processors that may fail). Consensus is the process of agreeing on one result among a group of participants. This problem becomes difficult when the participants or their communication medium may experience failures.
Raft is a consensus algorithm that is designed to be easy to understand. It's equivalent to Paxos in fault-tolerance and performance. The difference is that it's decomposed into relatively independent subproblems, and it cleanly addresses all major pieces needed for practical systems. We hope Raft will make consensus available to a wider audience, and that this wider audience will be able to develop a variety of higher quality consensus-based systems than are available today.
Byzantine fault tolerance (BFT) is the dependability of a fault-tolerant computer system, particularly distributed computing systems, where components may fail and there is imperfect information on whether a component has failed. In a "Byzantine failure", a component such as a server can inconsistently appear both failed and functioning to failure-detection systems, presenting different symptoms to different observers.
Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration, hosted by The Linux Foundation, including leaders in finance, banking, Internet of Things, supply chains, manufacturing and Technology.
ISO/CD TR 23455 - Blockchain and distributed ledger technologies — Overview of and interactions between smart contracts in blockchain and distributed ledger technology systems Read More
ISO/NP TS 23635 - Blockchain and distributed ledger technologies — Guidelines for governance Read More
ISO/CD 22739 - Blockchain and distributed ledger technologies — Terminology Read More
ISO/NP TR 23578 - Blockchain and distributed ledger technologies — Discovery issues related to interoperability Read More
ISO/NP TR 23576 - Blockchain and distributed ledger technologies — Security management of digital asset custodians Read More
ISO/AWI TS 23259 - Blockchain and distributed ledger technologies — Legally binding smart contracts Read More
ISO/AWI 23257 - Blockchain and distributed ledger technologies — Reference architecture Read More
ISO/AWI TS 23258 - Blockchain and distributed ledger technologies — Taxonomy and Ontology Read More
ISO/NP TR 23246 - Blockchain and distributed ledger technologies — Overview of identity management using blockchain and distributed ledger technologies Read More
ISO/NP TR 23244 - Blockchain and distributed ledger technologies — Privacy and personally identifiable information protection considerations Read More
ISO/NP TR 23245 - Blockchain and distributed ledger technologies — Security risks, threats and vulnerabilities Read More
The prospect of a world in which all text, audio, picture, and video documents are in digital form on easily modifiable media raises the issue of how to certify when a document was created or last changed. The problem is to time-stamp the data, not the medium. We propose computationally practical procedures for digital time-stamping of such documents so that it is infeasible for a user either to back-date or to forward-date his document, even with the collusion of a time-stamping service. Our procedures maintain complete privacy of the documents themselves, and require no record-keeping by the time-stamping service.
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they'll generate the longest chain and outpace attackers. The network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
We put forward a new framework that makes it possible to re-write or compress the content of any number of blocks in decentralized services exploiting the blockchain technol- ogy. As we argue, there are several reasons to prefer an editable blockchain, spanning from the necessity to remove inappropriate content and the possibility to support applications requiring re-writable storage, to “the right to be forgotten.”
The terminology around blockchain technology is notoriously confusing, with disputes over whether a blockchain is the same as a distributed ledger, or whether an appcoin is the same as a protocol token. In this article, I examine the difficulties the rapidly shifting, contested vocabulary poses for regulators seeking to understand, govern, and potentially use blockchain technology, and offer suggestions for how to fight through the haze of unclear language.
Modern economies are held together by innumerable contracts. However, current contracts are neither machine-readable nor easily human-readable. The Ricardian Contract paradigm of parameters, prose and code posits a hybrid model of automation and conventional legal text. This paper connects recent work on design criteria for 'Smart Contract Templates' with prose objects and prototype inheritance demonstrated at CommonAccord. Templates authored and shared as prose objects can become the basis for automation, codification, commentary, big data analysis and graphic presentations.