Here at Wallet.Services towers the term “Blockchain” has been banned!
Well, not quite…but we have decided to stop using the term “Blockchain” in favour of “Distributed Ledger Technologies” (DLT). “But why?” you may ask, “Blockchain is awesome no matter what you call it”. You are, of course, right but here are a couple of reasons we have decided to make the change…
The original blockchain based solution was “Bitcoin”, a cryptocurrency. Now, several years down the line, whole businesses are being built on blockchain and some of them (such as ours!) don’t have much to do with crypto-currency at all. People still associate blockchain with Bitcoin though and so when we start discussing blockchain with them they start off on a crypto-currency footing and view the world from there. This tends to skew their opinion of blockchain or at the very least slow down their realisation that blockchain has many capabilities far beyond crypto-currency. So, the first reason we are making the change is that DLT carries less crypto-currency baggage and people have fewer preconceptions about it.
The second reason is that not everything that looks like a blockchain is actually a blockchain. There are technologies emerging that look like blockchain and smell like blockchain but are not, technically speaking, blockchains. Here at Wallet.Services our ultimate goal is to solve problems and we want to use the best tools for the job; whether or not those tools are blockchains. So, the second reason we prefer DLT is that it encompasses a wider spread of technologies, some of which could be useful to us.
And there you have it! Don’t worry though, if you meet us at a conference or send us an email and say “blockchain” we won’t complain; in fact, we will probably just stick with “blockchain” to be friendly. However, going forward we will be using the term DLT and, having read this, you will now know “what the DLT” we are talking about!