Blockchain is an exciting new technologythat may prove to be a radical innovation - similar totechnologies such as the steam engine and the Internet thattriggered previous industrial revolutions - with the powerto disrupt existing economic and business models. It has thepotential to deliver productivity gains to multipleindustries, from the financial sector to energy markets,supply chains, intellectual property management, virtualfirms, the public sector, and beyond. Its ability to providedisintermediation, improve transparency, and increaseauditability can significantly reduce transaction costs,introduce efficiency into existing value chains, challengerevenue models, and open new markets. And blockchain mayprove particularly valuable in emerging market economies.Yet the technology is in its early stages of development andserious challenges and risks, both technical and regulatory,will need to be addressed before it achieves widespreadadoption. Questions remain about blockchain’s scalability,interoperability, security, transition costs, data privacy,and governance. And business leaders and policy makers willneed to think long and hard about when and under whatconditions a blockchain initiative may be warranted.
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