nanog mailing list archives
Re: Blockchain and Networking
From: William Herrin <bill () herrin us>
Date: Tue, 23 Jan 2018 15:45:11 -0500
On Tue, Jan 23, 2018 at 11:12 AM, Michael O Holstein <michael.holstein () csuohio edu> wrote:
Blockchain's objective was to make transactions non-repudiable and > they succeeded. However, that interacts with its decentralized nature to make those transactions irreversible as well.To re-use your example, banks don't "delete" the record of the bad check, they just create an offsetting journal entry, as both records are important to preserve. The system isn't designed to prevent fraud *itself*, it's designed to prevent alteration of the ledger.
Hi Michael, That's correct, and in the bank scenario the bank acting as an authority is able make additions the the ledger which reverse the transaction. In blockchain, there is no central authority and there's a cryptographic guarantee than only the most recent holder of the block may add to the block's ledger. As a consequence, non-repudiability escalates to irreversibility making the system vulnerable to fraud perpetrated by anyone who can briefly gain access to a block's current credentials. If someone steals my credit card, I don't end up paying a nickel. If someone steals my bitcoin wallet, I'm f******. Given the cost of renumbering, we'd have to be insane to depend on blockchain for address management. Regards, Bill Herrin -- William Herrin ................ herrin () dirtside com bill () herrin us Dirtside Systems ......... Web: <http://www.dirtside.com/>
Current thread:
- Re: Blockchain and Networking, (continued)
- Re: Blockchain and Networking John R. Levine (Jan 23)
- Re: Blockchain and Networking Jimmy Hess (Jan 23)
- Re: Blockchain and Networking K. Scott Helms (Jan 23)
- Re: Blockchain and Networking Christopher Morrow (Jan 23)
- Re: Blockchain and Networking Christopher Morrow (Jan 23)
- Re: Blockchain and Networking valdis . kletnieks (Jan 24)
- Re: Blockchain and Networking Anthony Kolka - Handy Networks LLC (Jan 24)
- Re: Blockchain and Networking William Herrin (Jan 23)
- Re: Blockchain and Networking Michael O Holstein (Jan 23)
- Re: Blockchain and Networking Mel Beckman (Jan 23)
- Re: Blockchain and Networking William Herrin (Jan 23)
- Re: Blockchain and Networking Jean-Francois Mezei (Jan 23)
- Re: Blockchain and Networking Peter Kristolaitis (Jan 08)
- Re: Blockchain and Networking Christopher Morrow (Jan 09)
- Re: Blockchain and Networking Hugo Slabbert (Jan 09)
- RE: Blockchain and Networking Naslund, Steve (Jan 09)
- Re: Blockchain and Networking Jean | ddostest.me via NANOG (Jan 09)
- Re: Blockchain and Networking Michael Crapse (Jan 09)
- Re: Blockchain and Networking Filip Hruska (Jan 10)
- Re: Blockchain and Networking Saku Ytti (Jan 10)
- Re: Blockchain and Networking Brian Kantor (Jan 09)