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Free yourself of your (Block)chains (Blockchain Society 6/6)
Blockchain has been invented to solve exactly one problem: decentralized cryptocurrencies. Solutions for almost all other attempted uses of it have existed 30 years before Bitcoin, are cheaper, more versatile and easier to use. Let me show you how.
It is understandable: the vast majority of people around the world have been introduced to cryptography by the rise of cryptocurrencies, specifically Bitcoin. Therefore, when they see a similar problem, they are trying to apply a solution they know best: blockchain. Trouble with the blockchain is, it has been invented to solve exactly ONE problem: decentralized cryptocurrencies, ie cryptocurrencies that are not issued by some kind of foundation or a governing body, but instead, being “mined” by a network of participants where no-one trusts each other. This is how the Block in Blockchain came to be.
Now, if you have never seen a screw before, it does kind-of look like a nail, so you are tempted to reach for the hammer. That will cost you a lot of effort, and you will probably not get that screw very far in. The same is true for blockchain and cryptography.
For all but its intended use, Blockchain is a really horrible fit. For one, it does not scale. In fact, even for cryptocurrencies it breaks a lot of its promises. Besides, we have had better…
