A book called “Blockchain Revolution” about the workings and potential benefits of bitcoin and blockchain technology gained an extensive, though somewhat skeptical review in yesterday’s Wall Street Journal editorial page. The father and son team of Don and Alex Tapscott wrote the book.
The book review, titled “Bitcoin Is Just The Beginning” by reviewer Philip Delves Broughton, states at the outset that the book implies that the world should be cheering the emergence of blockchains.
After summarizing the workings of both blockchains and bitcoin , the reviewer notes that bitcoin is only one of many possible blockchain applications. He rattles off others, such as improving financial services, personal identity, business and personal contracts, and blockchains’ ability to facilitate the Internet of Things. A Skeptical Take
After summarizing much of what cryptocurrency veterans already know about blockchains and bitcoin, Broughton gets into his skepticism. He points out that the Internet was originally intended to deliver the benefits that blockchain technology is offering.
“Wasn’t the Internet supposed to do all this? Be fast, secure and transparent? Bleach secrecy with sunlight, gorge us on information and banish sticky-fingered intermediaries?” Broughton writes. He notes that Internet advocates claimed artists would transact directly with audiences, money would move smoothly between accounts, and voting would take place online.
Broughton then reminds readers that after every technological revolution wave, a few billionaires profit at the expense of everyone else. He claims benefits of blockchain technology have not all materialized, and private entities have been able to use it in a closed manner.
“So, hooray for yet another technology promising jam for all, but beware the rustlers as they prepare to pounce,” Broughton writes.
He calls the book’s authors “blockchain boosters” and warns readers of “consultants bearing gifts.” He says readers need a more penetrating explanation of blockchain. Broughton ends the piece […]
