Blockchain - what is it anyway?

Blockchain - what is it anyway? A hyper ledger? or a Global Movement to fight corruption and inefficiency? It's both.

Yesterday, we got a glimpse of the future at the Penn Blockchain conference (https://pennblockchain.com/conference), where IBM was a Platinum Sponsor. We heard from the leaders in Blockchain across academia, large enterprises, tech start ups, and human rights agencies. The net is we are still in the first inning of what promises to transform business over the next 5-10 years. Its exciting and there is a so much more remains to be built (standards, governance, implementation, infrastructure) to allow for institutional investments and broader adoption. Right now only ~1% of the world participates. Like with the Internet, there will be winners and there will be losers (middleman watch out), but on balance the society stands to gain Big time. Many fascinating questions were discussed:

• Will Blockhain get incorporated into existing processes or stay outside the current financial systems? Will it disrupt the world of payments or act as a friendly amendment to the existing ways?
• Crypto currency and Blockchain are obviously different, but related. Cryptos challenge the status quo - is Central Bank the best custodian of the money?
• Blockchain for social good panel left all of us with lots to think about! So many use cases emerging... Human rights organizations are trying to cement censorship resistance early in the game. There are opportunities around sovereign identity (identity systems to help refugees, as an example, allowing individuals to hold their credentials closer); land titling rights in developing countries; energy and climate. Blockchain stands to transform all of the above.

Blockchain decisions being made now (public and private) will have lasting impact on human rights, privacy, digital security and many other social aspects.... So it's not just an experiment of rock star developers. It's early days, but it's for all of us to learn and understand. Yesterday reminded me a bit of the first Cloud conference I attended at HBS 10+ years ago. There were so many more questions than answers back then around Cloud, but look around now and it's arrived.