was transferred only once, solving the long-standing problem of double spending. 8 Blockchain was invented by a person using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin. 22 Growth of a decentralized blockchain is accompanied by the risk of centralization because the computer resources required to process larger amounts of data become more expensive. "A Light Touch of Regulation for Virtual Currencies". Bitcoin : A Primer for Policymakers (PDF) (Report). It, too, is permissioned but instead of a single organization controlling it, a number of companies might each operate a node on such a network. 26 Block time The block time is the average time it takes for the network to generate one extra block in the blockchain. Anyone with an internet connection can send transactions to it as well as become a validator (i.e., participate in the execution of a consensus protocol ). 38 :94 Proof of Existence is an online service that verifies the existence of computer files as of a specific time 85 Types of blockchains Currently, there are three types of blockchain networks public blockchains, private blockchains and consortium blockchains. Messages are delivered on a best-effort basis.
Retrieved Further reading Crosby, Michael; Nachiappan; Pattanayak, Pradhan; Verma, Sanjeev; Kalyanaraman, Vignesh. Can Ethereum Handle the Traffic?". A blockchain has been described as a value-exchange protocol. Archived from the original on 30 November 2016. Kopfstein, Janus (12 December 2013). Archived from the original on Retrieved mainstream misgivings about working with a system that's open for anyone to use. "Top banks and R3 build blockchain -based payments system". "Hype Killer - Only 1 of Companies Are Using Blockchain, Gartner Reports Artificial Lawyer".
"Reimagining Democracy: What if votes were a crypto-currency?". 74 In 2017, IBM partnered with ascap and PRS for Music to adopt blockchain technology in music distribution. Retrieved 5 September 2016. Katie Martin (27 September 2016). Archived from the original on Ledger (eJournal / alu dibond vs forex eMagazine, 2015).