The Message Is The Medium

No, You Are Not “More Efficient” Than The Blockchain

“Openchain is more efficient than systems that use Proof of Work:

  • Openchain uses a client-server architecture which is more efficient and reliable than a peer-to-peer architecture.
  • There is no miner, transactions are directly validated by the asset administrator.
  • Since there is no miner, transactions are instant and free.” – URL

Openchain belongs to the fast-growing group of funny/weird opportunist companies now offering enterprises (banks) “blockchain”-based databases without understanding the point of the original blockchain. If a client-server architecture is more efficient and reliable than peer-to-peer networks then why does Bittorrent and Bitcoin still exist? Well, because they offer unique mechanisms your client-server database cannot achieve in the real world. It doesn’t compare. If your transactions are validated by a central authority (or your validators are) you offer nothing new.

In it’s marketing material Openchain says it’s technology is “immutable” (by time-stamping assets on the Bitcoin Blockchain, of course) all the while saying transactions are “free”. That doesn’t compute. There ain’t no such thing as a free lunch. Security costs.