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Blockchain technology has been on a roller coaster of hype. 2019 saw a sharp increase in criticism of the technology.
Harvard Business Review said that “although we share the enthusiasm for its potential, we worry about the hype. It’s not just security issues (such as the 2014 collapse of one bitcoin exchange and the more recent hacks of others) that concern us. Our experience studying technological innovation tells us that if there’s to be a blockchain revolution, many barriers—technological, governance, organizational, and even societal—will have to fall.”
A Bloomberg article by Noah Smith summarizes “So although blockchains seem like an important technological advancement, they haven’t yet proven themselves. They remain high-cost solutions, often beset by chaotic competition, and they exist in ecosystems beset with dishonesty, fraud and human error. Blockchains might have a chance to change the world someday, but there’s also a chance they will prove useless.”
But a new round of hype is starting again. A survey from WiPro titled ‘Ignore blockchain at your peril, but don’t drive blindly,’ again shows that there still remains strong interest in blockchain.
The WiPro survey found that:
- Three-quarters of executives via blockchain as a strategic priority
- Three-quarters of executives see blockchain as a way to achieve near-term competitive differentiation in areas of process excellence, efficiency, and data and identify management.
- Main blockchain use cases include identity, crypto, trade, payments, supply chain, and finance