Before I founded a company[1] in this space I investigated blockchain applications for JPM and I agree with your take on bitcoin-style blockchains being mostly BS for industry. I'd take it a step further to note that mining is incompatible with private blockchains of any form because the new coins+fees incentive structure doesn't exist.
Permissioned/Private Blockchains don't need to look like Bitcoin, they just need to offer many of the same features plus a few more. What we're really talking about is a database that competitors can share, which is largely inspired by Bitcoin's system. Some things it needs to actually work:
- Vastly increased performance: 5-15 transactions per second is useless for industrial use.
- Smart Contract languages designed for safety over generality: more of an empowered SQL than a C/Go. Tokenization doesn't provide enough of a benefit over traditional approaches and generalized computation is too dangerous.
- Deterministic BFT Consensus: this is to replace mining + remove anonymous participation, it needs to be fast and scale.
- Confidential transaction support: the trickiest of the lot, as we cannot currently hit performance + double-spend protection at once.
In case you're curious what our approach is: BFT Raft-like for consensus (8k-12k trans/sec), soon to be open sourced smart contract language, signal protocol over the chain for confidential stuff.
[1]: http://kadena.io
Permissioned/Private Blockchains don't need to look like Bitcoin, they just need to offer many of the same features plus a few more. What we're really talking about is a database that competitors can share, which is largely inspired by Bitcoin's system. Some things it needs to actually work:
- Vastly increased performance: 5-15 transactions per second is useless for industrial use.
- Smart Contract languages designed for safety over generality: more of an empowered SQL than a C/Go. Tokenization doesn't provide enough of a benefit over traditional approaches and generalized computation is too dangerous.
- Deterministic BFT Consensus: this is to replace mining + remove anonymous participation, it needs to be fast and scale.
- Confidential transaction support: the trickiest of the lot, as we cannot currently hit performance + double-spend protection at once.
In case you're curious what our approach is: BFT Raft-like for consensus (8k-12k trans/sec), soon to be open sourced smart contract language, signal protocol over the chain for confidential stuff.
[1]: http://kadena.io