Blockchain. What is it good for? Absolutely everything, reply the blockchain cheerleaders, who see no end to the possibilities it presents. Absolutely nothing, say the blockchain deniers, who view it as a technological solution in search of a problem.
While its champions see it as a panacea, a cure for all imaginable ills, and some as yet unimaginable, the deniers see blockchain as a Wizard of Oz, all smoke and mirrors distracting attention from its nothingness. Or they chorus that the blockchain emperor wears no clothes. Readers are, of course, free to substitute their own preferred metaphor for style over substance.
- Opinions on the usefulness of blockchain vary widely.
- The transparency of blockchain, where everyone can see the ledger, creates problems related to lack of privacy.
- The system could prove costly and difficult to implement.
- Its main advantage is providing an immediate and immutable record of transactions.