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Saturday, June 23, 2018

Blockchain is not a Revolution

Good introductory piece in Knowledge@Wharton.  Not mention of smart contracts.

Why Blockchain Isn’t a Revolution

The terms Bitcoin and blockchain are sometimes used interchangeably, but there’s actually some misunderstanding about the innovation. In this opinion piece, Kevin Werbach, Wharton professor of legal studies and business ethics, explains the differences among the three groups that comprise this technology: cryptocurrency, blockchain and cryptoassets.

These days it’s hard to avoid pronouncements about how cryptocurrencies and blockchain technology could change everything (or at least, create massive wealth). Yet there’s an equally loud chorus labeling them a massive scam, useless, and dangerous. And a surprisingly large audience still doesn’t understand what’s going on. One big reason for the confusion is that we’re not all talking about the same things.

The three communities share a basic set of design principles and technological foundations, but the people, goals, and prospects are almost completely distinct. Those involved don’t help much by sniping constantly about which is the “real” movement. So, let me try to clarify things. .... " 

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