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Blockchain’s hype exceeds its grasp – for now

Clint Boulton | June 8, 2016
Broad adoption of blockchain technology is likely years away as companies struggle to understand how to apply the digital ledger technology to practical scenarios amid regulatory, governance and standards obstacles.

Bennett says she advises CIOs mulling adopting blockchain to ask themselves whether they have a use case that calls for a cryptographically secured, distributed and replicated store of records. CIOs should then talk to companies that have actual solutions and review the ecosystem of blockchain start-ups, industry initiatives, consortia and consulting.

If CIOs are still interested they should allocate resources from their R&D departments to build proof-of-concepts. “Take into account the end-to-end process – having a few fragments of a solution doesn’t help,” Bennet says. “And think about the interface between the physical world and the blockchain.”

 

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