Blockchains for non-cryptocurrency applications (still) don't make sense

Author’s note: originally published in 2019, revised January 2026. Having witnessed the NFT and crypto boom and bust of 2021, these arguments have only grown more relevant. Why blockchains work for cryptocurrencies # Blockchains work for cryptocurrencies because the asset being traded is the blockchain record itself. When you “own” Bitcoin, what you actually own is a cryptographic entry on a…