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Blockchain: Goodbye BlockChain. Hello Distributed Ledger Technology.
There’s no question that Blockchain is near the top of over-hyped technologies. A report by Forrester suggests renaming the technology instead to “distributed ledger technology (DLT)” to distance it from connotations that have been associated with the word “blockchain.” It’s an attempt to escape “Blockchain Fatigue.”
The word “blockchain” is popping up everywhere. Blockchain, for example, is often used synonymously to mean “cryptocurrencies.” Further, the hype around the term “blockchain” has driven vendors to appropriate it and associate it with products that have nothing to do with blockchain, a practice known as “blockchain washing,” for example, the beverage company that renamed itself Long BlockChain Corp.
Marsha Bennett, a Forrester analyst, said that “there are parallels with the Internet but what’s different is that, with the Internet, a single company like Amazon or eBay can aspire to do something and create a big change. Blockchain is different because if one company says ‘I’m going to do something,’ it doesn’t matter. This is an ecosystem play.”
