The words block and chain were used separately in Satoshi Nakamoto's original paper, but were eventually popularized as a single word, blockchain, by 2016. The term blockchain 2.0 refers to new applications of the distributed blockchain database, first emerging in 2014.[13] The Economist described one implementation of this second-generation programmable blockchain as coming with "a programming language that allows users to write more sophisticated smart contracts, thus creating invoices that pay themselves when a shipment arrives or share certificates which automatically send their owners dividends if profits reach a certain level."[1]
“Blockchain offers a possible solution to these challenges with its decentralized ledger that can store a history of transactions across a shared database,” Cohen said in the report. “By making the record accessible and verifiable from anywhere in the world, blockchain can enable the authentication of goods and eradicate the criminal element of counterfeit goods in the retail supply chain. By pairing hardware chips with blockchain technology, a product can take on a digital history, going as far back as the raw materials that were used to make the product. This allows retailers and consumers to verify their purchased products are genuine.”
“Further, contribution is weighted by computational power rather than one threshold signature contribution per party, which allows anonymous membership without risk of a Sybil attack (when one party joins many times and has disproportionate input into the signature). For this reason, the DMMS has also been described as a solution to the Byzantine Generals Problem[AJK05].”
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By design, a blockchain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way".[7] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been claimed with a blockchain.[8]
I said above that you can build sophisticated rules into Bitcoin transactions to specify how ownership is proved. However, the Bitcoin scripting language is deliberately limited and many ideas in the Smart Contracts space are difficult or impossible to implement. So projects such as Ethereum are building an entirely new infrastructure to explore these ideas
For example, Banks A and B often settle thousands of transactions per day. It would be extremely expensive for all of those transactions to be committed to the main blockchain, so A and B set up a side-chain. At the end of each day, at most one transaction is committed to the main blockchain (the only possible outcomes are A and B's balances remain the same, or one of their balances decreases and the other's increases).
In this article, I will intent to do a public vs private (permissioned) blockchain comparison. This will include an examination of what exactly the roles of these two types of blockchain really are and why big businesses should quickly move to adopt them. This analysis will look at why private blockchains are better suited to big business use when compared to public ones.

To scale Blockchain, sidechain or childchain solutions cannot be undermined. Sidechains are separate Blockchains that are linked to the main Blockchain using a two-way peg. They are an auxiliary network that executes the complementary function of: faster transactions, lower transaction costs and greater scalability in terms of the number of transactions that can be supported in a network at a given time.
@tradles – thanks for taking the time to explain this. OK – so I get the debate around blockchain bloat and the (grudging) inclusion of OP_RETURN, etc., but what I’m missing is that I can only really see one scenario where embedding any identity data into the blockchain makes sense…. and that’s when I want to *associate* an identity with a transaction I’m performing.
A blockchain is so-called “public” (or open) when anyone can become a member of the network without conditions of admission. In other words, anyone wishing to use the service proposed by the network can download the protocol locally without having to reveal his or her identity or meet predetermined criteria. A protocol is a computer program that could be compared to a Charter in that it defines the rules of operation of a network based on a blockchain. For example, the members of the bitcoin network download the Bitcoin protocol (through the intermediary of their “wallet”) to be able to join the network and exchange bitcoins, but the only condition is to have an Internet connection.
This approach isn’t fool-proof, but it’s not by mistake that the system looks the way it does today (that’s my history degree talking). Despite best technical efforts, human problems remain within the realm of probability. From http://www.nytimes.com/2009/01/15/books/15masl.html: “…blame cannot be easily assigned: not even the most sophisticated economists of the era could accurately predict disaster, let alone guard against it. The effects of a public herd mentality at the time of the [insert catastrophe here] are depicted, all too recognizably, as unstoppable.”
Jump up ^ Epstein, Jim (6 May 2016). "Is Blockchain Technology a Trojan Horse Behind Wall Street's Walled Garden?". Reason. Archived from the original on 8 July 2016. Retrieved 29 June 2016. mainstream misgivings about working with a system that's open for anyone to use. Many banks are partnering with companies building so-called private blockchains that mimic some aspects of Bitcoin's architecture except they're designed to be closed off and accessible only to chosen parties. ... [but some believe] that open and permission-less blockchains will ultimately prevail even in the banking sector simply because they're more efficient.
Sidechains offer a way for new, more radical settings and technologies to be implemented without affecting the main chain. This ensures that the main chain is as secure as possible whilst providing the freedom to explore options which would never be considered for use on the main chain. Sidechains should be quite powerful as they provide cases like anonymity, transparency, confirmation times and turing complete options like rootstock all whilst utilizing bitcoins rather than relying on the hashing power (security) of some far less secure alt coin. That being said… there is quite some controvery regarding blockstream’s funding of most of the core development team and their inflexiblity regarding the max blocksize. This inflexibility has directly contributed to the success of ethereum and it remains to be seen whether the dream of bitcoin maximalism will survive long enough for sidechains with all of the promised functionality to be rolled out. I am skeptical.
Mastercoin and Counterparty are embedded consensus protocols (or meta-protocols) that use the blockchain to store their transactional data. Bitcoin devs, except Peter Todd who was hired by both teams to help them find a proper solution, are very unhappy, to say mildly, about storing the data on the blockchain. Heated discussions on this topic go on for hundreds of pages on bitcointalk and Mastercoin github issue. Mining pools like Eligius started censoring Mastercoin transactions (not sure if they are continuing with this practice right now, but the operators of this pool are adamant that data do not belong to the blockchain).
Blockstream recently released a whitepaper on “strong federations,” which is essentially their vision of a federated two-way peg system. Liquid is a sidechain created by Blockstream that uses the strong federations model. The sidechain is used to transfer bitcoins between centralized bitcoin institutions, such as exchanges, at a faster pace than the public Bitcoin blockchain.
“Given all of this, it may seem like private blockchains are unquestionably a better choice for institutions. However, even in an institutional context, public blockchains still have a lot of value, and, in fact, this value lies to a substantial degree in the philosophical virtues that advocates of public blockchains have been promoting all along, among the chief of which are freedom, neutrality and openness.” 
For example, Banks A and B often settle thousands of transactions per day. It would be extremely expensive for all of those transactions to be committed to the main blockchain, so A and B set up a side-chain. At the end of each day, at most one transaction is committed to the main blockchain (the only possible outcomes are A and B's balances remain the same, or one of their balances decreases and the other's increases).

The Blockstream Satellite network broadcasts the Bitcoin blockchain to the entire planet. The satellite network provides an opportunity for nearly 4 billion people without Internet access to utilize bitcoin while simultaneously ensuring bitcoin use is not interrupted due to network interruption. Utilizing the latest open source Software Defined Radio (SDR) technologies, the Blockstream Satellite network offers a breakthrough in the cost effectiveness of satellite communications.
A federation is a group that serves as the intermediary between a parent chain and its corresponding sidechain. It is an additional layer in the protocol but serves a key function and is what Blockstream’s Liquid sidechain uses. Due to the lack of expressiveness of Bitcoin’s scripting language, an externally implemented and mutually distrusting set of members form a federated peg.
However, even this would have its own separate value and wouldn't necessarily solve any issue especially if a market is deemed to be, well, worthless. The two-way peg isn't perfect however. Especially since SPV can theoretically be tricked into crediting more coins than were originally deposited. If the attack will then transfer those coins back onto the parent it would take coins from another user on the Sidechain to fund the imbalance. And in the process create a permanent dissilience between the two chains. In order to strengthen the security of a Sidechain beyond just SPV, it would require the parent to soft fork and upgrade its core wallet software so that both chains can then validate transfers between them.
Lisk es una plataforma open source en la que se pueden desarrollar y ejecutar smart contracts en forma de aplicaciones descentralizadas o DAPPS multiplataforma. Éstas, y como uno de los puntos fuertes de Lisk, son desarrolladas con, posiblemente, el lenguaje de programación más famoso y usado, Javascript. Aunque con un enfoque genérico, ya han empezado a aparecer algunas soluciones e interés en sectores concretos, como es el caso del Internet de las cosas que, junto a Chain of Things, están empezando a explotar.
The words block and chain were used separately in Satoshi Nakamoto's original paper, but were eventually popularized as a single word, blockchain, by 2016. The term blockchain 2.0 refers to new applications of the distributed blockchain database, first emerging in 2014.[13] The Economist described one implementation of this second-generation programmable blockchain as coming with "a programming language that allows users to write more sophisticated smart contracts, thus creating invoices that pay themselves when a shipment arrives or share certificates which automatically send their owners dividends if profits reach a certain level."[1]
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A partir de este momento, se podrán intercambiar y mover estas monedas para hacer uso del potencial de esa sidechain siguiendo las directrices y protocolo que ésta tenga estipulado. Por ejemplo, quizá la velocidad de creación de los bloques es más rápida en esta o quizá los scripts de transacción en esa cadena son turing completos (disponen de un poder de cómputo equivalente a la máquina universal de Turing).

Put simply, sidechaining is any mechanism that allows tokens from one blockchain to be securely used within a completely separate blockchain but still moved back to the original chain if necessary. By convention the original chain is normally referred to as the "main chain", while any additional blockchains which allow users to transact within them in the tokens of the main chain are referred to as "sidechains". For example, a private Ethereum-based network that had a linkage allowing ether to be securely moved from the public Ethereum main chain onto it and back would be considered to be a sidechain of the public network.
Things get a bit more interesting when you replace the single custodian with a federation of notaries by way of a multisignature address. In this model, a federation of entities must sign-off on movements to and from the sidechain, so more parties must be compromised for a failure situation to unfold where the bitcoins frozen on the main chain are stolen.
“We believe that public blockchains with censorship resistance have the potential to disrupt society, when private blockchains are merely a cost-efficiency tool for banking back offices. One can measure its potential in trillions of dollars, the other in billions. But as they are totally orthogonal, both can coexist in the same time, and therefore there is no need to oppose them as we can often see it.” 
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