As we explore the technology behind blockchain, it is important to understand what role bitcoin plays.
- Bitcoin is a digital currency launched in 2009, with the intention of simplifying online transactions by bypassing government control of currency.
- It does this by storing and transacting the currency over a peer-to-peer network, a blockchain, rather than using a central monetary repository.
It’s important to make the distinction that bitcoin is not a blockchain itself.
- Bitcoin is transacted over an open, public, anonymous blockchain network.
- In many ways you can think of blockchain as the operating system and bitcoin is one of the many applications that run on that system.
The blockchain that underlies Bitcoin has some fundamental similarities, but also key differences to a blockchain built for business, such as the Linux Foundation’s Hyperledger Fabric：
- Both are cost effective as they increase speed of transactions and reduce overhead costs.
- Both are highly efficient as the transaction is recorded once and is then visible to all parties through the distributed network.
- Both are tamper evident. The transaction cannot be changed, it can only be reversed with another transaction in which case both transactions are visible.
However a bitcoin blockchain is limited in a few ways:
- It is primarily designed to transact cryptocurrency and is also open and public, meaning anyone can join and view every transaction that’s ever happened on the network.
- It is anonymous, meaning it is nearly impossible to know the identity of who is involved in a transaction.
- Because of this, it requires heavyweight cryptography to deter fraudulent activity, which requires significant computing power.
These characteristics leads to many issues around efficiency, confidentiality, security and trust when conducting business, especially around regulated industries.
On the other hand, a bockchain built for business enables you to exchange anything of value, whether tangible like a car or house, intangible like a patent or copyright or digital like videos or photos：
- It is private, so the invited members know exactly who they are doing business with.
- It is permissioned, so participants are only given access to data relevant to them, and it runs on smart contracts – business logic embedded into the network, reducing disputes and increasing trust.
- The blockchain for business also utilizes selective endorsement, which allows participants to control exactly who verifies transactions.
All of these qualities make a blockchain for business more efficient , more secure, and more effective across your business networks.
- 兩者都是防篡改的。交易不能變更，只能跟另一項交易一起更改，在這種情況下，這兩個交易都是可見的。(Both are tamper-evident. The transaction cannot be changed, it can only be reversed with another transaction in which case both transactions are visible.)
- 正因為如此，它需要重量級密碼來阻止欺詐活動，這需要大量的計算能力(computing power)。
- 在開展業務時(conducting business)，特別是在受監管行業周圍，這些特點會帶來許多有關效率，保密性，安全性和信任的問題。
- 它是被許可的(permissioned)，所以參與者只能獲得與他們相關的數據，並且它運行在智能合約上 – 將業務邏輯(business logic)嵌入到網絡中, 減少爭端並增加信任。
- 商業區塊鏈還利用選擇性認可(selective endorsement)，允許參與者準確地控制誰來驗證交易。