Quote from: HeRetiK on November 14, 2018, 01:02:48 PM

A blockchain in itself is just a data format and without a proper consensus algorithm it's worth next to nil.

The innovation that Bitcoin introduced came from combining the data structure we now call blockchain while using proof of work as centerpiece of a consensus algorithm. Each piece by itself was nothing new, albeit rarely used, but combined it enabled permissionless and secure monetary transactions without the need for a central entity or federated trust -- a solution to a problem previously unsolved.

In short: Cryptocurrencies are a new technology, but blockchains alone, while also new(ish), are little more than a cumbersome way to store data.

If you say blockchain is a data storing structure, do you agree it is one the worst database produced ever? No records, no specific retrieving format, etc. Everything is stored as transactions with a huge amount of redundancy.