California-based information security expert and author of Mastering Bitcoin Andreas Antonopoulos presented a cryptocurrency-focused session called “Beyond Bitcoin, Unleashing the Blockchain” at Wired Money 2015, an annual conference hosted by American magazine Wired and Spanish Banking Group BBVA.
The purpose of Antonopoulos’ talk was to explicate the limitation of first-tier Bitcoin startups, and its misguided approach toward the decentralized technology.
Since the beginning of 2015, the bitcoin industry has seen the emergence of various “blockchain startups” and “distributed ledger firms” that have partnered with established financial institutions, stock exchanges, trading firms and multinational banking groups to use Bitcoin’s distributed ledger technology in transforming and improving traditional financial and banking systems.
An increasing number of these startups have begun to develop applications that could potentially pertain to a diverse range of cross-industry financial platforms. To meet the demands and requirements of financial regulators and law enforcement, blockchain startups have focused on developing technologies like sidechain, that provide authorities “decentralized” blockchain-based payment network with a certain level of control over transactions and settlement of assets.
In his session at Wired Money, Antonopoulos extensively discussed this concept of creating centralized and controllable applications on the blockchain network. Antonopoulos explained that many of these companies or “first-tier”