Blockchain is great, cryptocurrencies are evil !

One of the common themes we are seeing is the idea that blockchain is a great technology but it should be considered independent of cryptocurrencies. We find this a rather convenient response by the institutions that are being challenged by decentralised public blockchains !

Every blockchain innovation, including its very invention, has occurred on a blockchain whose use is paid for with a cryptocurrency or whose ownership is denominated in a cryptocurrency. That is the business model for nearly all blockchain applications is dependent on the redistribution of the rent previously taken by an incumbent to the consumers and producers in the form of an incentive.

Without this business model disruption, an everyday database will out perform blockchain every time. Blockchains enable programmable money, just like the internet enabled programmable information.


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