Modifications of Blockchain Protocols

Whether or not modifications in the Blockchain protocol is necessary depends on the consensus of the network so far, however CME group published a patent in December to change this.

Blockchain Protocols
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The CME group, the second responsible company for Bitcoin Futures filed a patent to allow modifications of a Blockchain Protocol without consensus from all participants of the network.

Bitcoin for example requires consensus from the network for making changes even if it’s for the better. This was the main reason why Segregated Witness (SegWit) was delayed for a long….long time!

CME cited well when debating and filing why modifications are necessary. An example put forward was in regard to frequent flyer program which demonstrated this situation well.

An airline needs to increase transaction fees, however every node and miner on the network needs to accept the change. If majority does not, then a fork takes place which leads to confusion.

CME group is a primary financial player in the Blockchain space. With futures instruments, CME understands the Blockchain concept and is working hard so that Blockchain is more of a success story.

CME group fully believes that Blockchain will change the Financial space for the betterment. Current recordkeeping has issues, which blockchain can improve and so does the commerce space which needs to be redeveloped. The elimination of middle men and the security of smart contracts make for Blockchain being the answer to many problems.

Hence with modifications not being able to be done, it is a cry of concern when all is in excellent condition.

There is an added argument about it being owned by a particular person or organization and so it cannot be forced to be modified. Conditions need to be understood properly when making a modification, and this will help make situations more comfortable instead of unnecessary forks.

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