This mapping of blockchain properties to applications allows us not only to appreciate their potential, but also to inject a much-needed dose of skepticism. First, many proposed applications of blockchains, especially in banking, don't use Nakamoto consensus. Rather, they use the ledger data structure and Byzantine agreement, which, as shown, date to the 1990s. This belies the claim that blockchains are a new and revolutionary technology. Instead, the buzz around blockchains has helped banks initiate collective action to deploy shared-ledger technology, like the parable of 'stone soup.' Bitcoin has also served as a highly visible proof of concept that the decentralized ledger works, and the Bitcoin Core project has provided a convenient code base that can be adapted as necessary.rush bitcoin
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