The Bitcoin Standard: The Decentralized Alternative to Central Banking [PDF]

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The Bitcoin Standard: The Decentralized Alternative to Central Banking

Blockchain is a reliable and tamper-proof database and asset register, but only for the blockchain’s native currency and only if the currency is valuable enough for the network to have strong enough processing power to resist attack.

For any other asset, physical or digital, the blockchain is only as reliable as those responsible for establishing the link between the asset and what refers to it on the blockchain.

There are no efficiency or transparency gains from using a permissioned blockchain here, as the blockchain is only as reliable as the party that grants permission to write to it.

Introducing blockchain to that party’s recordkeeping is only going to make it slower while adding no security or immutability, because there is no proof-of‐work.