In the past several weeks, we have seen an uptick in
crypto-related insolvencies; most recently Giga Watt, a
Bitcoin-mining firm, filed for chapter 11 relief in the Eastern
District of Washington. Often, the questions arising out of a
crypto-related bankruptcy revolve around the value of Bitcoin or
other cryptocurrency. However, while cryptocurrency is certainly
how blockchain technology was first deployed, it is by no means its
only utility. For example, in the organics food industry, retail
giants like Walmart have employed blockchain technology to shore up
their supply chains. If there is a need to identify precisely from
where a SKU of organic lettuce was sourced, blockchain technology
now affords Walmart the ability to do so in a matter of seconds
instead of days.1 Thus, while often discussed in
connection with Bitcoin, blockchain technology in the bankruptcy
context is not exclusively a conversation about a
bitcoin's worth.
