ABSTRACT
Blockchain is a foundational technology: it has the potential to create new foundations for our economic and social systems. But while the impact will be enormous, it will take decades for blockchain to seep into our economic and social infrastructure. Scale can only be reached with distribution and redundancy of services. Distributed ledger technology has these attributes by design. We’ve also focused on blockchain use cases in real-world applications, and in industries that already use some form of traditional ledger and/or paper records. True blockchain-led transformation of business and government, we believe, is still many years away. That’s because blockchain is not a ‘disruptive’ technology which can attack a traditional business model with a lower-cost solution and overtake incumbent firms quickly. Along with proof of provenance, credentials and traceability, is one of the key areas of impact of blockchain technology, which will shape its future.
