11/18/2023 0 Comments Blockbench transparentGoldman Sachs estimated 6 billion saving in current capital markets, and J.P. Blockchain provides a basis for cooperation among competing entities that may not fully trust each other.Blockchain can streamline processes by removing duplicate efforts in data governance.Blockchain immutability and transparency help reduce human errors and the need for manual intervention due to conflicting data.Why is blockchain so exciting for these use cases? Most of these applications currently run on traditional enterprise databases. Applications for security trading and settlement, asset and finance management, banking and insurance are being built and evaluated. Blockchain systems in such environments are called private (or permissioned), as opposed to the early systems operating in public (or permissionless) environments where anyone can join and leave. Interest from the industry has started to drive development of new blockchain platforms that are designed for private settings in which participants are authenticated. Even the appendices are great! Especially if you’re interested in future applications of blockchain technology beyond cryptocurrencies, it’s well worth a read. Based on their findings, the authors conclude with a set of recommendations for future private blockchain designs. Finally, using the Blockbench tool we get a whole new level of understanding of how well the systems work in practice and their various strengths and weaknesses. Then the authors analyse the core layers in a private blockchain, and show how existing systems make different trade-offs in each of these areas. First we get a good discussion of private blockchains and why interest in them is growing rapidly. Here’s a paper which delivers way more than you might expect from the title alone. Blockbench: a framework for analyzing private blockchains Dinh et al., SIGMOD’17
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