The Blockchain Revolution Quietly Continues

The technology is changing the thinking and processes in major areas of the global economy, but it’s only the beginning

A graphic rendering of the blockchain technology. Nico El Nino/Shutterstock

Despite the comprehensive and seemingly endless meltdown of cryptocurrency assets, blockchain technology continues to make significant progress in its integration into major sectors of the global economy.

And although some may view blockchain—also known as distributed ledger technology (DLT)—as a failed technology, a passing fad or even a fraud, this technological innovation is nothing less than a paradigm shift on par with the internet.

Guilt by Association

Still, there’s no question that blockchain’s reputation has been tainted by the cryptocurrency debacle. In addition to its breathtaking innovations, first-generation blockchain indeed has serious flaws. It wasn’t designed to handle the long-term demands of large companies and groups. It lacks flexibility and scalability, resulting in an ever-slower consensus process, Plus, because it is permissionless and open, privacy is problematic.