The problem with any privately run, or centrally controlled blockchain, is that it’s difficult as the operator of the blockchain to demonstrate to a third party that the blockchain hasn’t been tampered with.
If I run a blockchain that I, or my business, has full control of, and I show you as a form of “proof”, you shouldn’t believe me. A time stamped Twitter post would hold more weight.
The power of, say, the bitcoin blockchain, is in the fact that it’s widely distributed and publicly verifiable by anyone, and due to the size of the network it is prohibitively expensive to tamper with.
If I run a blockchain that I, or my business, has full control of, and I show you as a form of “proof”, you shouldn’t believe me. A time stamped Twitter post would hold more weight.
The power of, say, the bitcoin blockchain, is in the fact that it’s widely distributed and publicly verifiable by anyone, and due to the size of the network it is prohibitively expensive to tamper with.