Data Freedom: Hacking, Blockchain (Bitcoin, Digital Economy, Data Driven, Big Data, Security) by Eliot P. Reznor

Author:Eliot P. Reznor
Language: eng
Format: azw3
Publisher: EPR Publishing
Published: 2017-07-24T07:00:00+00:00

Is the answer to all those questions is Yes? Then it’s giving you the values that we all find interesting in Bitcoin’s Blockchain. And you can say that to a number of other cryptocurrencies and Blockchains as well.

5 - The difference between Bitcoin and the Blockchain

What is Bitcoin and what is the Blockchain? What do these things have at the very core that gives them the characteristics they have? How do you tell them apart? What are the differences between the systems? And what applications do they have?

You should not focus too much on the Blockchain because you could miss the whole point of this technology. In relation to Bitcoin, Blockchain is just one of the several components of this leading cryptocurrency.

This is the crucial issue. Where is the value of Bitcoin derived from? Yes, it is a Blockchain. But it is a very special Blockchain.

Bitcoin is fundamentally open, borderless, transnational, censorship-resistant, etc. Ironically, they are also the things that most critics of Bitcoin point to as its greatest weaknesses.

Bitcoin cannot be allowed to exist if it’s borderless and open to access if it has no ability to be controlled. It cannot be allowed to exist. And yet, it exists.

So out of this experiment, this experiment that has lasted 7 years, we now have this really disruptive force that is forcing us to re-imagine what it means to do a payments network. And out of that, we come up with the most brilliant marketing campaign in the history of disruptive technologies.

Imagine if you’ve invented the new disruptive technology. And you managed within 4 or 5 years to completely distract the incumbent by persuading them to follow in your footsteps and to adopt the central premise of your technology in order to disrupt their own business from the inside out.

But the truth is that the financial services sector, especially the world’s major banks took hold on the Blockchain. Why? Because they are looking at the possibility that Bitcoin and some of its elements cannot be disrupted when they are used.

But Blockchain is not the only thing that makes Bitcoin tick. And so, in this effort, we see similarities in the early internet. In the early days, when companies saw the internet, and they saw that it had no editorial control, no centralized security mechanism, no barriers to access.

This represented a terrifying departure from the model of IT. And so as a result, most companies resisted, they built intranets using TCP/IP, and they put heavy firewalls all around to separate those intranets, keep them controlled, give them editorial access and control, and tame the system. They ended up with these islands of stagnant innovation that gradually became less and less secure.

And then we have the second wave of the Internet where many of the most effective disruptive companies in the space took their internal IT infrastructure, turned it inside-out, faced the world, put everything on the Internet, and fully harnessed the collaborative potential of keeping an openly accessible system.

We no longer live in a world of Oracle and IBM.

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