Man who introduced millions to bitcoin says blockchain is a bust

New York

STEFAN Thomas, who introduced millions of people to bitcoin, has had a change of heart.

Blockchain, the ledger software that makes the digital currency possible, is too rigid to gain wide adoption, he wrote in an essay titled "The Subtle Tyranny of Blockchain." The technology's backers think it can revolutionise a wide range of industries including finance, international trade and healthcare.

But tweaking the software - as will inevitably be necessary as pioneers bring it to new areas - requires consensus f…