Post
Topic
Board Bitcoin Discussion
Re: Can Blockchain Survive Without Bitcoin
by
fredo123
on 14/07/2018, 11:14:50 UTC


Blockchain Technology was driven to fame by its application on Bitcoin Gold due to its encryption that has been considered hacker proof. Bitcoin has been used as a reference to its success, providing a secure network for users.

The question however is, can blockchain succeed without bitcoin?
Yes there are many implementations of blockchains that do not use bitcoin, But it really depends on what you define success. If you define success as a permissionless innovation - the ability for any person to be able to build applications or transact with a blockchain without needing permission from another person or organization then yes you need a public blockchain like those of bitcoin ethereum litecoin etc. That's why people often compare public blockchain to the internet. The internet has enabled several billion people to communicate with greater frequency and efficiency in terms of time and cost and most importantly without censorship in most countries. Public blockchains have the same benefits for transactions. A public blockchain is like an intranet only accessible to those who have been granted permission to use it. So if you define success as enabling multiple parties to transact with each other creating operational efficiencies for transactions that couldn't otherwise be achieved through database then yes blockchain can succeed without bitcoin.