Blockchain is undeniably one of the hottest new technologies to hit the business world, and companies are racing to learn more about it and how they can apply it to their business. While some dismiss blockchain as the latest consumer buzzword, many liken the decentralized ledger technology to the dawn of the internet, when consumers and technologists were both equally excited about the fascinating new technologies, but things were still too new to be sure about practical uses in our everyday.
Where we’re at now
Christian Catalini, assistant professor of technological innovation at MIT and founder of MIT Cryptoeconomics Lab notes that we’re still in the earliest stages of adoption and experimentation.
“There has been a lot of enthusiasm about the technology, but actual use cases are still limited. Once this experimentation phase will complete, you will see a few, top applications emerge that will make the technology mainstream, but those are difficult to predict at the moment.”
“You’re not going to go into Starbucks tomorrow and buy your coffee with bitcoin,” added Anders Brownworth, chief evangelist at Circle, a money-sharing application that uses blockchain to let you send money from your phone to anyone, anywhere in the world. “We’re not there yet. We’re going to continue to use cash for things like that. But where blockchain does allow for things to get interesting is cross-border flow, where you’re sending money and needing to swap it into local currency. There’s a strong use case there for bitcoin.”
When does blockchain not make sense?
Businesses have come to embrace data through practices of proper warehousing, business intelligence and artificial intelligence. But just because you have a lot of data, it doesn’t mean that blockchain is the perfect solution for you.
“You may not want that data warehouse published on Read More Here