Building a private blockchain on the Ethereum public blockchain

Submitted by jbrown on Fri, 08/14/2015 - 13:17

I first became aware of the concept of private blockchains several months ago when I watched a presentation by Preston Byrne of Iris Industries. Vitalik Buterin (inventor of Ethereum) was also presenting in that session, although not about private blockchains. I must admit I was very sceptical of the whole concept. The entire purpose of having a blockchain is so that no one can be prevented from putting a valid transaction on the ledger. With a private blockchain only an agreed list of people can create transactions. The problem, unlike on a public blockchain, is that it is very easy for a majority of participants to get together and prevent another from creating a transaction. The participants and the verifiers are the same people.

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