ARTICLE
mendeley

The truth about blockchain

  • Authors: Vv.Aa.
  • Harvard Business Review
  • 2017
  • DOI: 10.1016/j.annals.2005.11.001

Abstract

Contracts, transactions, and records of them provide critical structure in our economic system, but they haven’t kept up with the world’s digital transformation. They’re like rush-hour gridlock trapping a Formula 1 race car. Blockchain promises to solve this problem. The technology behind bitcoin, blockchain is an open, distributed ledger that records transactions safely, permanently, and very efficiently. For instance, while the transfer of a share of stock can now take up to a week, with blockchain it could happen in seconds. Blockchain could slash the cost of transactions and eliminate intermediaries like lawyers and bankers, and that could transform the economy. But, like the adoption of more internet technologies, blockchain’s adoption will require broad coordination and will take authors describe the path that blockchain is likely to follow and explain how firms should think about investments in it

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