It is worth tuning out the white noise surrounding blockchain because real change is in the works – provided everyone understands what it involves.
There is an awful lot being written about bitcoin and blockchain, especially as banks are now all talking about it too. There is a belief that the blockchain technology that came from the bitcoin structure could revolutionise banking. But there’s a problem, not with blockchain protocol, but with the hype and confusion that surrounds it. How will banks make any progress if no one understands it?
Blockchain has become like ‘cloud’ and ‘big data’, a discussion in which all the media, technology firms and conferences focus upon one word to the point that, after a few years, it has become meaningless. Mention blockchain today to most bankers and they yawn, as though they’ve been there and done that. It has even been the focus of a Dilbert cartoon. At that point, you know the hype cycle is at full spin.