I hear many bitcoin enthusiasts say that creating a blockchain without a monetary token behind it would be pointless, or even impossible. To be honest though, I've never heard an analysis on why that would be. Without evidence presented though, it's hard to figure out if there's actual knowledge supporting such an argument, or a fear of bitcoin being left behind if banks start using blockchain tech without it.
We've already started hearing about big institutions expressing interest in blockchain tech, investing in related enterprises, and even using it. What are your thought on this? And from the technical side of things, what is it that makes a blockchain without bitcoin behind it sound unreasonable?
The way I see this is that I don't see a problem will there be a token or not or will you attach a value to it or not. You can write a code and set an algorithm as you wish.
The biggest strength of Bitcoin is its decentralized value and from there you get tokens that are valuable and they keep system in check, since miners are securing a network for a reward that has to be valuable.
Problem with government blockchains is their closed status which is not trustless. So you can still do corrupted stuff as you are doing in today's financial system. A system like this can indeed be ran without a token.