Un-block chain my heartBY ALEX DUNNIN | MONDAY, 11 APR 2016 5:55PM Well that didn't take long. A month ago I'd never heard of 'block chain' yet articles on the topic now seem to be everywhere, and not just in technology publications. They've ... Upgrade your subscription to access this article
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DANIEL SHRIMSKI
MANAGING DIRECTOR
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MANAGING DIRECTOR
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"The way this is done, for the technocrats out there, is that when two counterparty's computers make an exchange they swap an identical database ledger of transaction histories."
The achilles heel of Blockchain based transactions right there.
For a $7B global business - this is about 60GB database, containing little ancillary data. What might this be for $AU; around $57 Tn plas much additional data, never mind asset transactions and sundry connected historical and state based data.
This need to have a full copy of the Distributed ledger is why we "trust" parties to keep a copy of the Ledger; ie Banks; Remove Banks, then everyone need their own copy. Not so revolutionary really, where as a BlockChain based Ledger only requires massive bandwidth and storage capacity.