What product do blockchains deliver?

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“We never made the error that so many others have: mistaking their product for the device that delivers it.”  

— Michael Bloomberg

I’m old enough to remember when a Bloomberg Terminal was a stand-alone box wedged onto a cluttered trading desk between a dual-receiver phone and a clacking machine for time-stamping order tickets.

The chunky keyboard had colorful buttons for the most-used functions, a squawk-box speaker, and a fun roller ball that made navigating the Terminal feel like playing Missile Command (an arcade game found in 1980s bowling alleys and pizza parlors that I…

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