We usually get puzzled and confused looks from newcomers to the cryptosphere when we talk about a centralized party looking into "Blockchain Technology", or a consortium of banks trying to find best solutions to stay in the game or governments trying to "BAN" cryptocurrencies to save themselves from the wrath. Assuming most newcomers have bitcoin as their gateway cryptocurrency, they read and listen to a lot of fancy and disruptive words like "decentralized", "open-source", "trustless", etc. Any person (including us) are swayed away easily by these as many hopes and dreams and alternate realities play out in our minds and suddenly the future seems so exhilarating.
As they dive deeper, they end up discovering lots of other inside designs; smart contracts, ICOs, dApps, DAOs. The list increases every day with continuous advancements. Soon enough, sides are chosen, some are blown away by Vitalik's incredible vision, some find escape in the disruptive technology of Ripple, some become diehard supporters of Tron or EOS or Stellar due to early emotional attachments. But one thing is common among all, they all are excited to see a future where they have a direct say in how they want the space to develop. Any person can voice their opinion in the consensus-based community of most blockchain projects.
That's why most of them are absolutely clueless when asked about the future of 'Private Blockchains'. Somehow it feels contradictory. How can a private enterprise take control of something that is open-source, community-based and decentralized by definition? How can consortiums be formed to look into corporate solutions? How can governments try to take charge of the innovation?
Sure we don't have answers right now. But to find them, we sure need to ask the right questions.
- SB
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