One of the most unique aspects of blockchain is its high number of evangelists – people who believe blockchain can solve everything from global financial inequality, to the provision of ID for refugees, to enabling people to sell their houses without an estate agent. The enthusiasm to (over) promote the technology is also damaging its long-term prospects.
This level of evangelism is both unwarranted and damaging to the overall development work required to reap the benefits of distributed ledger technologies (DLT), of which blockchain is the best-known example. Truly innovative deployments of blockchain require a match between blockchain’s specific benefits and use cases that enable realization of these benefits, followed by dedicated hard work to get it right and embed in organizations and industries. It is not meant to be a workaround.
Based on our analysis of how blockchain is used in a variety of projects around the world and following interviews with selected chief executive officers, we found there are 11 questions, at most, that businesses need to answer to see if blockchain is a solution to some of their problems.
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