"Security is self-administered" through magic, huh? No central authority chooses who can join, which is an aspect that I'm sure a bank would love for their private internal database (this is sarcasm by the way)... "the power of public-private key cryptography" is something you clearly don't understand. Are you aware that you used "the power of public-private key cryptography" to visit this site over HTTPS and that it had nothing to do with blockchain? Public/private key cryptography is a tool used for many different purposes and by itself has nothing to do with access.

Compute power is what bitcoin still uses and how it regulates transactions. I didn't say it's required by blockchain, I gave it as an example of how consensus is reached. The other common method is proof of stake, but that still doesn't make sense in the context of a completely internal database. Who is staking, what are they staking, and how does that prevent fraudulent transactions in a bank's internal database?

I looked at the energyweb site and it's marketing fluff. When it comes to tracking things on blockchain, once you cross the physical-digital barrier, you end up having to use trust. So you want to verify that the electricity you got is renewable? Well you have to trust the entity that gave you that electricity because the blockchain will only verify that you made a transaction with them and that they made transactions with others (e.g. suppliers), but it will not verify the good/service itself (in this case, electricity). I can send electricity your way which was generated by a gas generator, but how could you tell this from the blockchain? The answer is that you can't, you can only tell that I have made a transaction with you. The smart contract will include a trusted entity which tracked the electricity being sent which the smart contract can look up that the value matches the agreed-upon value. Again, none of this verifies that the electricity is renewable, you are relying on plain old trust.

[–] Knock_Knock_Lemmy_In@lemmy.world 0 points 8 months ago

No central authority chooses who can join, which is an aspect that I'm sure a bank would love for their private internal database (this is sarcasm by the way)...

Anyone can join the blockchain, not anyone can join the Bank. I'm assume you are being deliberately obtuse rather than the alternative.

Public/private key cryptography is a tool used for many different purposes and by itself has nothing to do with access.

Yes, but combined with blockchain it is used for access.

proof of stake, doesn't make sense in the context of a completely internal database.

Yes it does. You can use a public blockchain protocol for completely internal data, then interface at a later time with that public protocol.

Who is staking,

The validators

what are they staking,

Usually the network token

and how does that prevent fraudulent transactions in a bank's internal database?

Because internal transactions are validated and can be confirmed by external stakeholders (investors, depositors, regulators etc.) on a real time basis. No more Lehman Brothers.

I looked at the energyweb site and it's marketing fluff.

It's real https://explorer.energyweb.org/

When it comes to tracking things on blockchain, once you cross the physical-digital barrier, you end up having to use trust.

Energy Certificates are about transparency more than trust.

So you want to verify that the electricity you got is renewable?

More that you want to prove to everyone that you are buying renewable.

blockchain will only verify that you made a transaction

IoT devices provide trust in the data. TSOs confirm the official values at a later date.

I can send electricity your way which was generated by a gas generator, but how could you tell this from the blockchain?

Because the IoT device reporting to the blockchain is built into a solar panel, not a gad generator.

Also neighboring sources of energy will display similar data. Anyone running a gas generator to replicate a solar profile will be losing money hand over fist.

The answer is that you can't,

The answer is you can.