No, “Blockchain” is not a solution looking for a problem

by aainslie

Bits on Blocks

I have heard this pseudo-profound comment many times:

“Blockchain” is a solution looking for a problem.

Sorry, you are misinformed (ie, wrong). If you missed it the first time around, here’s the problem statement, articulated in 2008:

The problem statement, to paraphrase, is

“How do people pay each other electronically without being at the behest of Financial Institutions?”

The proposed solution is:

“Bitcoin”

Bitcoin uses blockchain technology, right?  Yes, yes it does.  Of course you remember the 2015 rhetoric “I’m not sure about Bitcoin, but I’m interested in Blockchain, the underlying technology” – enthused by people who had read something on some website (or perhaps on a Dilbert) then stood on a stage and waved their hands?

Sorry: that was *so* last year.  This year, R3, arguably one of the world’s premier companies pitching “blockchain”/”distributed ledger”/”fabric of finance” (no one actually knows the difference) said on April 5 that they are not using blockchains

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