Why blockchain detractors are missing the point

And so it goes on. From popular posts to contemptuous tweets to predictions about the future, the world and its mother are lining up to throw tomatoes at private blockchains, before even understanding what they are.

Saying that a private blockchain is just a shared database is like saying that HTML and HTTP are “just” distributed hypertext. It’s wrong in two ways. First, the semantic one: private blockchains are a technology that enables shared databases, like pens enable writing and HTML/HTTP enable distributed hypertext. The bitcoin blockchain and its primary application cannot be meaningfully separated, because one could not exist without the other. But this equivalence does not apply to private blockchains at all.

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How blockchains can solve the oldest problem in the book

Trading between people is as old as humanity itself. It began at the moment when caveman Ogg said to caveman Ugg: “me give you rock, you give me berries”. But trading carries with it a fundamental problem: it requires trust. What stops Ogg from using the rock to bash Ugg, then grabbing both rock and berries before running away? How do we translate a verbal exchange agreement into an enforcement mechanism that ensures both sides keep their word?

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Is there any value in a blockchain without a cryptocurrency?

The debate has been running for a while but the past month has seen a serious uptick. The question being asked is:

Is there any value in a blockchain without a cryptocurrency? And can these “tokenless shared ledgers” be called blockchains at all?

So I’ve read Bailey’s article, watched Tim’s video, read this Nasdaq post, followed Richard’s every word, and even had my own good-spirited debate (see comments) with the Counterparty foundation’s Chris DeRose. So much hot air.

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