Blockchain appears to transform the way we store and exchange value. Some consider it as one of the biggest technology breakthroughs in recent history, similar to the advent of the Internet in the early 1990s. At that time, the Internet provided a new and more sophisticated way to search and share information, a way that was much more efficient and transparent.
Today, blockchain presents a similar value proposition and provides a way to transact in a secure, immutable, transparent, and auditable way.
However, the understanding of the technology varies widely in terms of its potential and applicability. There is a tendency to want to apply blockchain to every sector in every way imaginable. But in most cases, it could to be a solution looking for a problem when other technology could do a better job instead.
This article from Deloitte Insights provides a clear explanation of blockchain and its current and potential future landscape while this report from the National Institute of Standards and Technology warns against the hype around the use of blockchain technology, yet the technology is not well understood. It is not magical; it will not solve all problems.
