Keywords/phrases: Private chains fundamentally misunderstand the value of open, decentralised, permissionless, borderless blockchains. It is akin to the horse buggy manufactures adapting automobiles by replacing the internal combustion engine with a horse. “But we really like the fundamental technology behind Automobile. Pneumatic tires will fundamentally transform the future of transportation.” If you choose to do a private chain, you are re-introducing counter-party risk and removing the fundamental security mechanism of consensus, which brings back a lot of the old problems. The existing banking system is fundamentally constrained by two things: very large institutions with the inertia of centuries of tradition, and the guilded cage of regulations which have kept small competitors out and not allowed them to do what Bitcoin does. It will be difficult for them to reconcile their future with this new disruptive technology.
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