Editorials: Is Blockchain Technology Overhyped? | James Ryerson/The New York Times

Blockchain, the ingenious database technology best known for underpinning the faddish digital currency Bitcoin, is reviving the utopian fantasies of the early internet era. In an influential manifesto from that time, “A Declaration of the Independence of Cyberspace,” published in 1996, the essayist and activist John Perry Barlow opposed the idea of government regulation of the internet, offering instead an anarchical vision of an online world in which a decentralized network of people existed free from all authorities and intermediaries save for their own “social contract.” Whatever else Barlow’s statement might have been, it was not prophetic. The online world today is full of authorities and intermediaries — search engines, social media platforms, cloud computing services, internet service providers — all of which exert considerable control over cyberspace and are themselves shaped by laws and regulations. It is hard to imagine a cyberlibertarian paradise emerging from that.

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