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A transaction will not be recorded to the blockchain unless it is verified by other nodes in the network holding the latest copy of the blockchain. This makes the truth as having an absolute character as any unauthorised entry will be rejected by the network because of the lack consensus to accept it.
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The key feature of a centalised database is that its creator has control over it, and so it is open to him to introduce certain input into the database that has not been agreed with others but is still to be classified by the database as the truth. This has a clear potential for abuse in that while the character of this ‘truth’ is seen in this database as absolute, it is in fact bent by the creator’s input to suit his agenda. Therefore, not only the truth in this database is no longer absolute, but it has actually been warped according to the creator’s specifications.
#1. consensus is really acheived by finansial
incentive. st the people get paid for being
honest. they get money. but if their dishonest they lose money.
#2. nothing, no athority stops it or does something to it.
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When we have consensus, many computers all verify and make sure each transaction is viable. This determines the truth because fraudulent transactions will not be verified.
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The truth found by consensus on the blockchain is incorruptible because transactions can never be changed. However, central databases can be changed and manipulated to fit what a company wants.
- Consensus is a two part process. First there is a financial incentive for each party in the supply chain to record the truthful data. Secondly on the receiving end, data must accurately reflect what was entered by other parties, otherwise there would be a disagreement. In the mining process consensus is verified. Otherwise the transactions do not go through. In this way the entire supply chain is incentivized to record the truth as all benefit financially from this approach.
- With a centralized database, people in control have the option to direct incorrect data to be recorded thereby creating mistrust in the system.
- Consensus is the idea that if everyone is communicating then it becomes close to impossible to cheat the system. If someone does cheat then the entire system will be able to verify that they are not being honest or transparent.
- In a central database the truth is based on the central authority. In blockchain it is based on the consensus
- What does it mean when we say that in blockchain, consensus determine the truth?
Truth is decided by the masses, who view and certify the truth as truth as being true.
- How is this different from how truth is determined in a central database?
Because the truth located in a central data base is decided by the key individuals who control the database.
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There is no center party determining the direction, but rather a group coming to the truth via agreement. E.g if the network believes the transaction to be incorrect, then it is dropped and not added to the ledger
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Truth in a central database can be corrupted and changed as owned by a central party which can make it difficult to audit from an independent consultant
1. What does it mean when we say that in blockchain, consensus determine the truth?
- The network is constantly cross-verifying itself. Parties r financially incentived to be truthful n honest. this removes the need for trust amongst parties
2. How is this different from how truth is determined in a central database?
- Central databases rely on trust amongst several parties. Blockchain verifies consensus thru code.
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In the blockchain all transactions are checked and verified by the nodes in the network. The network can be trustless because all members of the network are given incentives to be honest.
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In central database there is much less transparency and consensus can only be achieved by trusting several members in the network who may or may not have an incentive to cheat.
1 What does it mean when we say that in blockchain, consensus determine the truth?
Consensus determines the truth by removing trust through verification of the absolute truth by a number of validators who are icentivised to be in agreement.
2 How is this different from how truth is determined in a central database?
Truth that is determined by a central authority often times can not be absolute as it is determined by the most influential person or authority. Most often the perceived truth is the most beneficial to the central authority instead of the truth that is determined by consensus.
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What does it mean when we say that in blockchain, consensus determine the truth?
All nodes/participants of a ledger have universal, equal ability to inspect all transactions, including all done in the past, present, or will happen in future. All transactions are recognized and perfectly verifiable by all parties - in this environment the correctness/accuracy of the transaction is agreed to by all in perfect unity. Also this creates a trustless environment in positive sense of the word, in that there is no need to trust a centralized entity to certify (approve) a transaction as being legitimate because this verification by a third party entity of some kind is no longer needed. -
How is this different from how truth is determined in a central database?
The opposite of trustless, peer-to-peer, decentralized system is when two parties to a transaction need an official third party to “certify” the transaction is done, and is correct. In fact this type of system is required of course when there is no peer-to-peer system in some workable form.
Homework on Consensus - Questions
What does it mean when we say that in blockchain, consensus determine the truth?
multiple parties are in communication with each other constantly verifying the veracity of any claim made by other participants
How is this different from how truth is determined in a central database?
truth is subjective the the authors will in a centralised repository whereas truth is as in reality more likely to be objectively so in a decentralised database.
it means that in blockchain, the truth is determined by a network of computers that are incentivize to tell the truth and are verified by a collaboration of different computers making it decentralised.
a centralised data base has a third party that needs to be trusted.
1/ What does it mean when we say that in blockchain, consensus determine the truth?
It means that each computer, in the network, gather a part of truth and the sum of this is " the Truth "
2/ How is this different from how truth is determined in a central database?
A central Database is the result of few individuals who have the possibility to manipulate the data.
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In the blockchain consensus determines the truth. This happens when all nodes or computers agree with “each other” to let a transaction be made or data to be stored. If the data inputed is false then all will reject it as being a part of the block chain (it will not be a part of the blockchain). In other words the data has to be integratabtle and match up with what every computer/node agrees on to become a part on the blockchain.
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In a central database information can be forged as the owner or supervisor says what is true.
- Since consensus is an incentivized process of agreeing on weather to accept a transaction on the network or not. Then, I think the incentive makes everyone or the majority tell the truth.
- I think who ever manages a centralized database determines what is truth or not. Whereas, truth on the blockchain is determined via consensus.
- To reach a consensus you must all agree that the findings are true and then the information can be added to the blockchain.
- In a central database information is added by individuals and not checked by a group to reach consensus.
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Consensus determines the truth by relying on incentivized members of the network to verify/validate the information before it’s added to the blockchain.
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Blockchain differs from a centralized database because it is, by definition, decentralized. There is no blockchain central authority and such allows for virtually trustless transacting.
What do you mean? There is no difference between central an decentralized database? 