The biggest conference and trade show in the world of financial innovation took place in Las Vegas this week – Money 20/20.
If you were paying attention to Twitter you would’ve seen that talk of Bitcoin and Blockchain technology totally dominated the Money 20/20 conversation online. Further, a number of big announcements were made regarding partnerships and investments in Bitcoin and Blockchain companies at the conference. It was clearly a big conference for Bitcoin and Blockchain technology.
Unsurprisingly, many at the intersection of finance and technology continue to tout the possibilities ‘blockchain technology’ presents. However, interestingly many reports from the conference noted the ongoing debate about whether it’s Bitcoin’s blockchain or some permissioned version that is ultimately where the value lies. On Twitter, the debate also ran hot with Tweets like this one from Andreas Antonopoulos:
Don’t pay attention to the Internet, the really interesting application is INTRANETS #blockchain #lol
This isn’t a new debate. The arguments have been raised at many other conferences, and what it always boils down to is whether one believes that the magic of Bitcoin/blockchain lies in the database technology of a distributed ledger or the open innovation platform that Bitcoin’s blockchain provides.
Although, I personally believe that open innovation will win in the long run (as it has in the past) the tea leaves still show no sign of a clear answer. Although, permissioned blockchain technology many not be the revolution the Bitcoin faithful want, it may end up being the one banks create.