Summary of “Bitcoin is a bubble, but the technology behind it could transform the world”

Last week, the growing impact of blockchain and the price of one of the crypto-currencies it underwrites – bitcoin – hit the front pages.
As extraordinary, when the Long Island Iced Tea Corp – yet to make a profit – announced that it was changing its name to Long Blockchain Corp, its shares jumped 500%. The price of bitcoin itself – $1,000 at the start of the year – briefly hit $19,000 per “Coin” last week before falling to $11,000 and then recovering to $14,000 yesterday.
Blockchain is a foundational digital technology that rivals the internet in its potential for transformation.
No wonder investors are salivating at the prospect of old, analogue organisations being driven out of business and mega fortunes being made by the companies replacing them, perhaps by the Crypto Company or Long Blockchain Corp. If you had bought Facebook 13 years ago you would now be very rich.
The blockchain makes sure bitcoin is spent once; indeed, blockchain was first invented by the originators of bitcoin to make sure there was no fraud.
Better not to think of bitcoin as money; rather, as a commodity that uses blockchain to make settlements faster, but it can’t – and never can – be a way for the mass of workers to get paid or make their purchases.
Intermediaries in the service industries will face a new world in which their routine functions will be performed by machines, programmed by artificial intelligence, while the blockchain becomes the new means to do business safely, faster and less riskily.
There will be new concentrations of economic power because, like the Fangs, the blockchain economic model is more efficient and more effective the larger the network.

The orginal article.