Harvard Business Review

HBR: The Truth About Blockchain

It will take years to transform business, but the journey begins now
By Marco Iansiti, Professor of Business Administration at Harvard Business School, and Karim R. Lakhani, Professor of Business Administration at the Harvard Business School
February 1, 2017   /   1 Minute Read
The Truth About Blockchain

Below is a summary from the article published in Harvard Business Review in February 2017.

Summary. 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 years. In this article the authors describe the path that blockchain is likely to follow and explain how firms should think about investments in it.

Read the entire article on HRB.com here.

Find out why top tech firms, Fortune 500 companies, and global law firms partner with Keystone.