What is the difference between “the blockchain” and “technology of distributed registries”
Blockchain has attracted more and more attention, and even such centralized structures like banks and governments are becoming interested in how to use this technology.
However, there is another term — the technology of distributed registries, or TRR. Ironically, the greatest interest in the TPP show it is those organizations that bitcoin and the blockchain wanted to replace banks, governments and large corporations.
Recently the Bank of England announced that it is using the blockchain and TRR wants to breathe new life into your instant gross payments (RTGS). The terms “blockchain” and “technology of distributed registries” mean here not the same, and it is important to understand the difference. Let’s face it.
The technology of distributed registries
The technology of distributed registries is, as the name implies, the database that is not stored and confirmed in any one place. Sounds like the blockchain, isn’t it? But it’s not.
In TRR the Creator of the registry has more than bloccano control over how the register is used. It can dictate how it will be arranged the structure of the network, what are its goals and how it will function. That doesn’t sound too decentralized, isn’t it?
Thus from a technical perspective, RTR is decentralized and is based on the same principles of consensus and blockchain. However, a situation where one governing body controls what presumably is a decentralized network, contrary to the principles of decentralization — at least ideologically.
TRR can be considered as the first step on the way to the blockchain, but important difference in the fact that in the distributed registry is not necessarily formed of the block chain. Rather, this registry is stored on multiple servers that will interact with each other to ensure the most accurate and timely recording of all transactions.
Among the companies that chose RTR to the blockchain, you can call Google. The company recently partnered with Digital Asset on the implementation of TRR in their cloud services. Volkswagen also announced a collaboration with IOTA “in the experiment in using the technology of distributed registries”.
On the other hand, we have the blockchain. The blockchain is a form of distributed registry with specific technical stuffing. As we all know, the blockchain creates an immutable registry that is managed by a decentralized network where all the records are approved by consensus.
The blockchain from TRR distinguished by the presence of cryptographic signatures and that the associated group of records form a chain of blocks. In addition, depending on the specific purpose of the blockchain, the community and users can decide what will be the structure and how it will be managed.
A classic example of blockchain and decentralization is bitcoin (Bitcoin). He not only decentralized technology and structure, but also the organization. TRR is decentralized only in technology, but the corporate body — not necessarily.
TRR and the blockchain is not the same thing
It is important to understand that these terms mean different things, even if sometimes used synonymously. Organizations such as the Bank of England, prefer to talk about the TPP in order to distance themselves from the hype and volatility, related to the blockchain and cryptocurrency based on it. On the other hand, some corporations use a fashionable word “blockchain” for marketing purposes even if you actually offer something different.