Contracts, transactions, and records of them provide critical structure
in our economic system, but they haven’t kept up with the world’s
digital transformation. They’re like rush-hour gridlock trapping a
Formula 1 race car. Blockchain promises to solve this problem. The
technology behind bitcoin, blockchain is an open, distributed ledger
that records transactions safely, permanently, and very efficiently. For
instance, while the transfer of a share of stock can now take up to a
week, with blockchain it could happen in seconds. Blockchain could slash
the cost of transactions and eliminate intermediaries like lawyers and
bankers, and that could transform the economy. But, like the adoption of
more internet technologies, blockchain’s adoption will require broad
coordination and will take authors describe the path that blockchain is
likely to follow and explain how firms should think about investments in
it. INSETS: HOW FOUNDATIONAL TECHNOLOGIES TAKE HOLD.; HOW BLOCKCHAIN
WORKS. [ABSTRACT FROM AUTHOR]