Blockchains and BanksBut the outcome may be more than this. Public chains, with their genuine innovation could play a role in making the promise of the blockchain not being a new database, but a new protocol or network built on that protocol. This would create not just a web of money, like Bitcoin has, but the web of money and would possibly go beyond that, even, to create a universal ‘transactional web’ for any kind of contract.
Nobody knows how this will play out, whether there will be lots of private chains, like disconnected Intranets, or there will be one web, one public chain to rule them all. In the interim, what is more likely is that the separate strands of public and private chains will later join up if the backbone evolves. The slower, but more secure Bitcoin style public chain could become the backbone for an Internet of transactions, where private chains among groups of corporations checkpoint against that chain at periodic intervals.
If this results in the web of transactions it’s a very big deal.
https://medium.com/@daveg/blockchains-and-banks-cef72f0fcf29
