It’s true. Bitcoin is based on blockchain technology.

It’s worth remembering though, as Tim Culpan wrote recently in Bloomberg’s Gadfly column:

Bitcoin ≠ blockchain. Blockchain ≠ bitcoin.

This message bears repeating: You can be pro-blockchain and anti-bitcoin.

He makes the point that Wall Street bankers and traditional, conservative investment counselors like the potential of blockchain technology but can’t stand the unregulated  nature of cryptocurrencies.

Of course, these are the same people who supported subprime mortgages and have been active participants in previous Wall Street scams and problems.

But we take his point. JP Morgan, Credit Suisse, the “Wolf of Wall Street” Jordan Belfort and many others call bitcoin a “fraud.”

Is Bitcoin a “fraud”?

So far, the market says otherwise. Many digital currencies are actively trading and growing in market cap. Others, not so much.

Hundreds of international banks, fintech companies and others in insurance, shipping and data management are actively pursuing projects using blocking technology.

The business case for blockchain technology is growing quickly in many industries.

Culpan is right to remind us though. Blockchain is not only bitcoin. Bitcoin will have to prove its value over the longer term.

For now. it looks like there will be many businesses who will prove that blockchain is more than bitcoin and offers valuable benefits. We’ll continue to track those blockchain business cases as they evolve and prove their value.

You can read Tim Culpan’s column at Bloomberg.com below.

Blockchain ≠ Bitcoin – Bloomberg Gadfly

https://www.bloomberg.com/gadfly/articles/2017-11-08/blockchain-bitcoinThis message bears repeating: You can be pro-blockchain and anti-bitcoin. After a couple of columns two months ago, one interlocutor contacted me to level that very criticism at Dimon, noting that JPMorgan is exploring blockchain technology via its Quorum platform. Beyond the ether digital currency, which is now the second most valuable with $28 billion of coins in circulation, ethereum supports many other uses, such as smart contracts. Via bloomberg.com