-WSJ Technology
We’re now awash in “crypto” hype—cryptocurrencies like bitcoin and fundraising efforts like initial coin offerings. For every venture capitalist or technical expert, there’s a half-dozen hype men and fly-by-night startups making the entire space look like a 21st-century version of the Amsterdam tulip mania.
Blockchain is essentially a secure database or ledger spread across multiple computers. And its applications could bring much-needed change to some critical, if unsexy, industries.
For example, offering new ways to transfer real-estate titles, manage cargo on ships, guaranteeing food safety and more. The cryptography behind it allows agents to securely interact while also guaranteeing that once a transaction has been made, the blockchain remains an immutable record of it.
Blockchain has the power to transform industries because it is well-suited to transactions that require trust and a permanent record, and because it needs the cooperation of many parties.
What the ongoing hype does is give blockchain the visibility to attract developers and encourage adoption.
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