Dr. Andrei Kirilenko, Director of the Centre for Global Finance and Technology, highlights how object-orientated programming bypasses distrust
A blockchain is usually described as a distributed ledger: a database of records shared by all clients with access. This description is not incorrect, but it leaves a lot to be desired. It’s like calling a car a “horseless carriage”, or a handheld personal computer a “smartphone”.
A blockchain is really a computer: a finite-state machine. Currently, it is not a very good computer. It is very slow – it takes minutes to complete a change of state. It is not exact – the change of state is probabilistic. It is also very expensive – it uses a lot of power to complete a change of state. Yet, it is a truly global computer that does not reside in any particular physical or virtual machine. And – crucially – it allows anonymous users to share their private computing power and memory capacity for a reward.