The blockchain has emerged as the biggest buzzword in the tech sector in the past 12 to 18 months. Blockchain startups have been appearing out of nowhere, fuelled by the industry’s easy access to funding through digital token sales. However, many of the new so-called “blockchain startups” often do not require a blockchain or their own digital token to succeed in their mission, which begs the question: “How much blockchain is really needed?”
How Much Blockchain Do Companies Really Want?
Outspoken bitcoin advocate Andreas Antonopoulos said at his speech at the Polish Bitcoin Congress in May that “the blockchain is just a very slow database”. He added that if companies want to adopt blockchain technology, they will need to want something that is “open, neutral, borderless, that no one controls and that resists censorship.” In reality, however, most businesses want a network that they can have full control over, which makes the blockchain - in its true form - rather redundant for most businesses.
Nonetheless, startups around the world are attempting to “blockchainize” everything. Critics of this, argue that this is done mainly with the intention to gain access to easy funding in the initial coin offering (ICO) market and without actually implementing a viable blockchain-based model.
Bobby Lee, CEO and co-founder of BTCC, a crypto exchange, for example, tweeted:
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