Private blockchain
Bitcoin, Ethereum, these are all examples of public blockchains that anyone can be a part of. So what if we want to have a private blockchain network? What are some people trying to do when they want a private blockchain? Take a look at the following story.
Mark and Sara
Mark hasn’t paid his rent for five months. When Sara asks him for it, he says he’ll get it to her later. She can’t afford a lawyer, and court enforcement can take eight months or even a year, so her only option is to convince Mark.
Joe’s business
Joe is a businessman. He often deals with different companies. A few months ago he signed a contract with a retailer, and although the terms of the contract had been fulfilled, the retailer refused to pay. The gang took advantage of a loophole in the legal system to lobby Joe for less money. Joe has done this before. In some cases, he will go to the courts, but it will cost him time and money to do so at the expense of his own profits.
How can we help Sara and Joe?
Can we solve this problem somewhere else? In Sara’s case, we need Mark to pay the rent monthly, which is essentially a time-based trigger. Your calendar program uses such triggers to provide you with notifications of preset events.
In Joe’s scenario, once the terms of the contract are met, the parties have to pay, which is essentially a conditions-based trigger. Do you think the last time you bought an e-book from Amazon, you had to confirm payment before Amazon sent it to you?
The point is, a computer program will execute such instructions consistently. When you click on the article, scroll down, things like that, it will do the same. To help Sara, we need to translate the terms of the contract into code.