Blockchain? A foundational technology

According to a recent article from the Harvard Business Review, Blockchain is a foundational technology.

Experts Marco Iansiti and Karim R. Lakhani argue blockchain, a peer-to-peer network that sits on top of the internet, has the potential to create new foundations for our economic and social systems.

But while the impact will be enormous it will take decades for blockchain to seep into our economic and social infrastructure. The process of adoption will be gradual and steady, not sudden, as waves of technological and institutional change gain momentum.

The rationale behind this comes mainly from two factors: novelty and complexity.

The more novel it is, the more effort will be required to ensure that users understand what problems it solves. The second dimension is complexity, represented by the level of ecosystem coordination involved—the number and diversity of parties that need to work together to produce value with the technology.