The blockchain can’t exist without bitcoin

The idea of a publicly available ledger of proof is an innovative feature of bitcoin.

Price of bitcoin over time (click to enlarge).

“The innovation is the blockchain and the currency bitcoin is just a catalyst.”

— Ian Dixon, founder of SpaceLingo

Even so, the argument is that now that the blockchain is a publicly known technology part of bitcoin’s open source code, there is no longer a need for currency-like properties to back it.

Total size of the blockchain in MB over time (click to enlarge).

“Why should we cripple it as a “simple” money ledger while we could develop this technology to a much more interesting concept?”

— Davide Varni, Italian AML consultant

Blockchain-based startup Smart Contract is doing this, forgoing bitcoin and building programmable agreements without the need for a currency. IBM is working solely on blockchain technology for Internet of Things applications.