Is a Blockchain a Blockchain if it Isn’t?

Question: Can a blockchain be a blockchain if it is controlled by the issuing authority? That is, can we admire the purpose and utility, if it was released in a fashion that is not is open-source, fully distributed—and permissionless to all users and data originators?

A Wild Duck Answer: Many blockchains gaining attention from users and investors are “blockchains” in name only. Let’s consider some fundamental Blockchain traits. Each one applies to Bitcoin, which is the original blockchain implementation:

• Open-source
• Fully distributed
• Permissionless to all users and data originators
• Access from anywhere data is generated or analyzed

A blockchain designed and used within Santander Bank, the US Post Office, or even MasterCard might be a nifty tool to increase internal redundancy or immunity from hackers. These potential benefits over the legacy mechanism are barely worth mentioning. But if a blockchain pretender lacks the four golden facets listed above, then it lacks the critical and noteworthy benefits that make it a hot topic at the dinner table and in the boardroom of VCs that understand what they are investing in.

without a network that is fully distributed among its users as well as permissionless, open-source and readily accessible, a blockchain becomes a blockchain in name only. It bestows few benefits to its creator, none to its users—certainly none of the dramatic perks that have generated media buzz from the day Satoshi hit the headlines.

Source: lifeboat.com