These non-work blockchains are really scammy. Anyone around here have a journaled database that's not selling? Call it a blockchain, and wall street will open its wallets.
What they really need is peer to peer protocol standards for clearing. "Blockchain" seems to be enabling a discussion on this.
https://github.com/tendermint/tendermint/wiki/Byzantine-Cons...
Calling this a journaled database is an understatement.
The end result is something with blockchain characteristics, but at lower computational cost than Proof-of-Work. Maybe that's not something everyone wants, but banks do.
[1] http://research.microsoft.com/en-us/um/people/lamport/pubs/p...
* Better BFT algorithms (e.g. lower network load, more reliable in practice)
* Faster computers
* Better computer networks
* Cheaper storage
* Better software development and deployment practices (faster, more reliable, more secure)
* and yes, the recent interest in BFT spurred by Bitcoin.
For example, the original algorithms had network load that was exponential in the number of nodes, O(2^N). Some newer non-POW algorithms are O(N*polylog(N)).
According to coindesk; "Digital Asset said Hyperledger includes a "prototype implementation" of the Practical Byzantine Fault Tolerance consensus module, which would serve as an alternative to the mining process." [2]
[1] https://www.hyperledger.org/ [2] http://www.coindesk.com/digital-asset-new-details-hyperledge...