The Blockchain Gang

Summary

Boosters say bitcoin’s underlying technology will transform the economy. Not so fast.

Bitcoin is passé. But if the buzz is to be believed, the “block chain” technology behind bitcoin is going to revolutionize your toaster, the banking system, and everything in between. Block chain boosters often proclaim that it will transform the annoyance of buying a car—especially the part at the end where you have to write down a large number on a special piece of paper and hand it to the seller, and both of you have to anxiously wait to make sure the “check” “clears” while hoping you don’t get ripped off.