IBM Hyperledger: More Than a Blockchain or Less?

May 17, 2019

Though the IBM-backed open-source project Hyperledger has been prominent on the blockchain scene since 2016, The Next Web declares, “IBM’s Hyperledger Isn’t a Real Blockchain—Here’s Why.” Kadena president, and writer, Stuart Popejoy tells us:

“A blockchain is a decentralized and distributed database, an immutable ledger of events or transactions where truth is determined by a consensus mechanism — such as participants voting to agree on what gets written — so that no central authority arbitrates what is true. IBM’s definition of blockchain captures the distributed and immutable elements of blockchain but conveniently leaves out decentralized consensus — that’s because IBM Hyperledger Fabric doesn’t require a true consensus mechanism at all.

We noted this statement as well:

“Instead, it suggests using an ‘ordering service’ called Kafka, but without enforced, democratized, cryptographically-secure voting between participants, you can’t really prove whether an agent tampers with the ledger. In effect, IBM’s ‘blockchain’ is nothing more than a glorified time-stamped list of entries. IBM’s architecture exposes numerous potential vulnerabilities that require a very small amount of malicious coordination. For instance, IBM introduces public-key cryptography ‘inside the network’ with validator signatures, which fundamentally invalidates the proven security model of Bitcoin and other real blockchains, where the network can never intermediate a user’s externally-provided public key signature.”

Then there are IBM’s approaches to architecture, security flaws, and smart contracts to consider, as well as misleading performance numbers. See the article for details on each of those criticisms. Popejoy concludes with the prediction that better blockchains are bound to be developed, alongside a more positive approach to technology in general, across society.

Cynthia Murrell, May 17, 2019

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