The value of acquiring a given application and putting it on a blockchain platform is primarily in making that application more widely accessible and trust-free. For digital currencies, this has tremendous value. Digital currencies benefit directly from wider adoption and purity of form. That is, Bitcoin is better than fiat money as a payment system and store of value that is not (easily) confiscated, devalued, etc., because it is not controlled and interfered with.
However, for more complex interactions between end-users, where efficiency is more important than universality, it is not too difficult or painful to rely on a "higher authority" to play the role of trusted intermediary. Interactions between individuals are not complex enough to allow us to transform them into decentralized computer programs.
On the other hand, smart contracts have more to look forward to in the licensed blockchain space. The target users are not individuals, but large organizations (e.g., governments and corporations). The biggest benefit of a licensed blockchain is not more inclusion or transparency, but more consistency and correctness than the existing infrastructure, which cannot provide a single source of truth for multiple parties in a decentralized manner.
The goal of the Enterprise Distributed Ledger is to take existing business logic managed by fax and phone and then encode it into a shared computer application that automates workflow and reduces operational overhead.
Large institutions tend to interact with their peers in intricate ways and, insofar as they are large institutions, there is no natural third party higher authority on which to rely for global coordination.
Ideally, this orchestration should be managed by blockchains and smart contracts as a shared system of records and a single source of facts, without giving a single "super user" access to a central canonical repository of mission-critical market data.
Blockchain is a decentralized computer network in which multiple parties agree on a consistent view of the world, and thus blockchain technology is replacing consistent centralized systems with consistent decentralized systems (Bitcoin replaces fiat currency), or when inconsistent decentralized systems are transformed into a consistent system (smart contracts will replace decentralized financial market infrastructures).
In the former case, the value created is a central unmediated role ; Increased efficiency of coherent, authoritative authentic sources in a decentralized system.
Token - The simplest smart contracts should be as widely accessible as possible, and smart contracts are most useful in licensing settings where they are faster, cheaper, and easier to use.
I have come to the conclusion that the greatest use of a public blockchain, as originally envisioned by Satoshi Nakamoto, is actually as a digital currency and payment system. Satoshi Nakamoto, since the launch of Bitcoin, is partially reflected in the enterprise distributed ledger space, which does not compete with Bitcoin.
Instead of replacing fiat currency with digital currency, they may be used to build new databases to support workflows that are completely unmanageable in traditional customer service. Creating complex smart contracts on a public blockchain network does not solve the problems inherent in the design of existing decentralized systems (as Bitcoin does); And just become a more useful version than the centralized system.
The author, Adam Krellenstein, is co-founder and CTO of Symbiont, Inc. is a fintech company that focuses on combining traditional financial markets and blockchain technology. He was also one of the first to try using the Bitcoin blockchain for more experimental purposes.
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