Having fallen out of favor in the circles of highly influential blockchain technology players, Bitcoin likely won’t see its widespread commercial adoption beyond the retail and speculation level. This is a long-term view, and not to minimize the usefulness and impact of what Bitcoin is and has inspired. But, as players like R3 CEV, IBM, Intel, Microsoft and a slew of other companies experiment with blockchain technologies, it’s clear to see that they’re looking to serve their clients, who perceive no uses for Bitcoin itself in their industry.
Mike Hearn, a Bitcoin developer privy to what’s taking place in the new commanding heights of the blockchain experience, predicted Bitcoin’s eventual downfall. Is his speculation coming true?
Bitcoin developers, in the view of a blockchain-forward financial technology company, are somewhat atavistic in the sense that, while Bitcoin will serve as future inspiration, it won’t serve as future medium. To that end project after project have been endeavored upon, looking to incorporate Bitcoin-inspired technology in whatever way desired. Examples include: a blockchain inspired nation-state; a blockchain inspired tax code and IRS; a blockchain inspired online banking platform; a blockchain inspired financial system; blockchain inspired criminal justice; blockchain inspired sports analytics, and so on.
Blockchains fall under three different categories: public, like Bitcoin; private, like Ripple, which runs open-source; and public-private, of which there is not exactly an example.
Platforms like Ethereum and Ripple have partnered with the above-mentioned legacy organizations who currently research blockchain technology. Ripple CEO Chris Larsen has been cited by banking industry workers as inspiring DAVOS banking participants to investigate the blockchain. Multiple blockchain projects have reached out to, and work in some capacity with, Microsoft Azure and its blockchain-as-a-service project.
Meanwhile, Bitcoin remains mired in a block size debate grounded largely in ideology, though that’s clouded with technological lingo. Bitcoin Core, […]
