The Blockchain ‘Industry’ Stripped the Innovation of THE Innovation

The Blockchain ‘Industry’ Stripped the Innovation of THE Innovation

There is much discussion today about multinational firms entering into the blockchain space. They, in fact, with their deep pocketbooks, created an entirely new Industry: the blockchain industry. At industry events, many topics are explored, most notably centered on the ways in which forms of blockchain technology could make more efficient the business and government processes of today, from bank transfers to verification to data storage.

Is it a Blockchain?

At the heart of much of this discussion regarding blockchain innovation is end-to-end encryption and multi-signature transactions. The use of multi-signature and end-to-end encryption, while an important part of Bitcoin’s iteration, are probably not what’s central to the innovation, and neither are particularly new. What’s central to the Bitcoin innovations is perhaps the distributed manner in which data consensus is reached and the way in which the network is secured: via miners and cryptography, as it were.

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