Magically, this enables us to get rid of banks, insurance companies, most government institutions, and even media companies.
Which part of a bank? Which part of an insurance company?
Keep the record / ledger anyone else trusts isn’t the big part of a bank. It’s just the ledger. It’s the map, not the territory in my opinion.
I like the way you write and clarify the concept, however, it’s also brought in a way that marketing does bring things, only bringing the good news and the opportunity.
Now, the bitcoin made block chains into virtual money, however the value part of the Bitcoin is no difference than The Tulip Mania.
I may see it wrong but the value of the blockchain is in “hosting” a ledger without the need of a trusted third party. It’s not the value of what is stored in the ledger.
Some other concerns I have are the price of a transactions. Each item in the ledger costs energy (computation and distributed servers) and is relatively slow. Another is “consensus”. The blockchain as we know it now has some unknowns. These are scenario’s that could happen and happened for example with the bitcoin.
As far as I know the blockchain has potential and many use cases but the value should be sought in the service not in the product in itself. It’s the map, not the territory. The fact that some people already getting rich through the blockchain is more about the novelty and hype than by it’s true value…