"Because blockchain is consensual, after a certain point of centralization, the rules of the system depend on very few users. For example, the bitcoin “update” would be unviable if the two more Chinese mining organizations had refused to implement it. A network of nodes designed this way has a power structure with clear centralizers—the owners of infrastructure—that in the end presents a threat to the distributed future of the Internet."

#^The blockchain is a threat to the distributed future of the Internet

The blockchain will be very useful for registering large corporate capital markets and making cross-border banking transactions, but as a system for the development of everyday applications on the Internet, it’s a danger to the distributed structure of the network.

In effect, this particular distributed technology will essentially be beholden to relatively few actors - the few that can financially afford to run their own blockchains and hold a mass of data. Trying to depend on it as an end user unfortunately creates more problems than it solves.
No doubt it'll be great for businesses and the finance industry. But for user-facing distributed communication systems, it will be next to worthless.

Discovered via @Bob Mottram

#blockchain #distributed