The Problem with Blockchain

The Problem with Blockchain

Don't get me wrong. It's clever. The mathematics behind it is very clever. It would make a great PhD thesis. But it's a solution looking for a problem.

Blockchain is many things to many people. But let's take Bitcoin, the most famous blockchain app.

A payment method? Really? VISA can process up to 47,000 transactions/second. Bitcoin maxes out at 7 transactions/second. Blockchain is the bottleneck.

A peer-to-peer system? Really? Nobody cares about peer-to-peer. Most people like a central authority.

So what is blockchain? It's an example of technology in love with itself. And with no concept of consumer marketing or psychology.

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Content written and posted by Ken Abbott