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Six Reasons Why We Need Blockchain Skeptics

On my Forbes beat I cover many new, disruptive technologies – innovations with their fair share of frothy hyperbole. To balance such froth, I try to bring a measured dose of skepticism, not to be some kind of Debbie Downer, but rather to help people cut through the hype to gain a clearer understanding of the topic at hand.

A Bitcoin mining rig from 2014. Today, the profitable ones fill entire data centers.

A Bitcoin mining rig from 2014. Today, the profitable ones fill entire data centers.

However, there is one topic – in fact, family of topics – for which I am unapologetically a skeptic through and through: Bitcoin and Blockchain.

As early as 2015, I wondered whether Bitcoin had a real purpose. I poked my stick at the radical Libertarians who hope Bitcoin will lead to the destruction of the global financial system.

I’ve opined on whether Bitcoin’s ‘hard fork’ fix for scalability issues would be fatal to the cryptocurrency, or a the least, whether the fix would be illegal.

I’ve compared Bitcoin to blood diamonds, pointing out that Bitcoin’s illegal uses are responsible for propping up its value.

I’ve also questioned IBM’s longshot bet on Blockchain, and more recently, I’ve listed several reasons to be skeptical about Blockchain.

Given this history of contrarian opinion, you might think I’m somehow prejudiced against Bitcoin and Blockchain.

You’d be wrong.

Why I’m a Bitcoin and Blockchain Skeptic

In fact, I’m a huge proponent of new, disruptive technologies and their applications – Blockchain and Bitcoin included.

As an industry analyst, however, my role is to provide insight into disruptive trends in the market. Given the peculiar characteristics of both Bitcoin and Blockchain, such insight must necessarily come from a skeptical position – not just by me, but from cooler heads generally.

In other words, we need more Bitcoin and Blockchain skeptics. Here are six reasons why.

Read the entire article at https://www.forbes.com/sites/jasonbloomberg/2017/07/30/six-reasons-why-we-need-blockchain-skeptics/.

Intellyx publishes the Agile Digital Transformation Roadmap poster, advises companies on their digital transformation initiatives, and helps vendors communicate their agility stories. As of the time of writing, none of the organizations mentioned in this article are Intellyx customers. Image credit: Steve Rainwater.

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Jason Bloomberg is a leading IT industry analyst, Forbes contributor, keynote speaker, and globally recognized expert on multiple disruptive trends in enterprise technology and digital transformation. He is ranked #5 on Onalytica’s list of top Digital Transformation influencers for 2018 and #15 on Jax’s list of top DevOps influencers for 2017, the only person to appear on both lists.

As founder and president of Agile Digital Transformation analyst firm Intellyx, he advises, writes, and speaks on a diverse set of topics, including digital transformation, artificial intelligence, cloud computing, devops, big data/analytics, cybersecurity, blockchain/bitcoin/cryptocurrency, no-code/low-code platforms and tools, organizational transformation, internet of things, enterprise architecture, SD-WAN/SDX, mainframes, hybrid IT, and legacy transformation, among other topics.

Mr. Bloomberg’s articles in Forbes are often viewed by more than 100,000 readers. During his career, he has published over 1,200 articles (over 200 for Forbes alone), spoken at over 400 conferences and webinars, and he has been quoted in the press and blogosphere over 2,000 times.

Mr. Bloomberg is the author or coauthor of four books: The Agile Architecture Revolution (Wiley, 2013), Service Orient or Be Doomed! How Service Orientation Will Change Your Business (Wiley, 2006), XML and Web Services Unleashed (SAMS Publishing, 2002), and Web Page Scripting Techniques (Hayden Books, 1996). His next book, Agile Digital Transformation, is due within the next year.

At SOA-focused industry analyst firm ZapThink from 2001 to 2013, Mr. Bloomberg created and delivered the Licensed ZapThink Architect (LZA) Service-Oriented Architecture (SOA) course and associated credential, certifying over 1,700 professionals worldwide. He is one of the original Managing Partners of ZapThink LLC, which was acquired by Dovel Technologies in 2011.

Prior to ZapThink, Mr. Bloomberg built a diverse background in eBusiness technology management and industry analysis, including serving as a senior analyst in IDC’s eBusiness Advisory group, as well as holding eBusiness management positions at USWeb/CKS (later marchFIRST) and WaveBend Solutions (now Hitachi Consulting), and several software and web development positions.