The blockchain is totally forked!
3 August 2015
The fork is in the Blockchain ecosystem rather than the Bitcoin Blockchain itself. There are some discernible camps emerging amongst the various legions of distributed ledgers that are demonstrating different approaches to decentralized consensus technology. Some are seeking to disrupt finance through leveraging the existing Bitcoin version of Blockchain and building on top of it such as Counterparty, others are building their own Blockchain with a native cryptocurrency, like Ethereum, whilst others still are adopting a private approach and are less focused on a cryptocurrency, such as Eris. We are still in the early stages of the distributed ledgers story and it seems like there is plenty of room for different approaches and it makes sense to remain optionality. That optionality though is not available to those spearheading these approaches and it seems to be creating ever more heated exchanges between the executive teams in different camps. Perhaps the reason for that is that private versions of distributed ledgers may fit into the regulated world of finance more quickly and more readily such that they may steal a march on their Bitcoin-based rivals. In future research, we will provide a framework for assessing Blockchain 2.0-the new approaches to distributed ledgers in capital markets, because currently there is little consensus on decentralized consensus.