Cryptocurrencies and Blockchains - How Are They Doing After 10 Years? -- Irving Wladawsky-Berger

Final paragraphs from a timely reality check

"Like the Internet until the early- to mid-1990s, blockchain is still in in its early stages, with pilots underway in a number of application domains like supply chain ecosystems, and industries including financial services.   “For now, however, almost all blockchain projects remain experimental,” wrote The Economist in its concluding article.  “Most will fizzle out. The less world-changing a proposed use, the better its chance of success.  For example, the cryptographic structures that make data in a blockchain hard to change are fairly easy to introduce.  When they add an extra layer of security to things like financial accounts or official documents, they could be useful…  A bigger prize awaits in the back office, reducing the time-consuming administration required for firms to talk to each other by providing a shared database which everyone can use.”

Finally, I particularly agree with the special report’s concluding paragraph: “Other compelling uses may yet emerge.  But it is worth bearing in mind that big IT projects - which is what blockchains amount to - tend to be cumbersome and slow even if they are undertaken by a single company.  If they require several companies to work together, they will take even longer.  So whatever happens, blockchain’s backers will need patience.”"

Cryptocurrencies and Blockchains - How Are They Doing After 10 Years? -- Irving Wladawsky-Berger