DOI: 10.1201/9781003225607-3

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Chapter 3

Blockchain: Is it hype?

The blockchain journey started from the time when a person named

Satoshi Nakamoto, whose true identity is still unknown, released a white-

paper called Bitcoin: A peer-to-peer electronic Cash System in 2008. This

chapter discussed technology and a roadmap for the ‘peer-to-peer version

of electronic cash’ known as Bitcoin. Shortly after releasing a whitepaper

on Bitcoin, it was offered to the open-source community in 2009.

As we have already discussed how Bitcoin works and how it has been

disrupting various industries around the globe.

Bitcoin was the first and the best use case of blockchain technology. Since

then, hundreds of practical use cases around various sectors have been

implemented and the journey is still ongoing.

There are many perceptions supporting blockchain and why/how it is

disrupting businesses around the globe. Some experts have an opinion that

it might be hype. In this section, we will walk through the facts and try to

solve this complex puzzle that becomes more complex by views and opin-

ions without any facts like fake stories in media.

In my view, blockchain is not hype. Although there have been multiple

hurdles and challenges to its adoption, it still has multiple opportunities to

solve real business problems.

Blockchain technology and its use in business appear to be hype due to the

fact that a lot of senior management members would like to use blockchain as

a technology to either influence the board/investors or increase the company’s

stock price. Another angle is to use blockchain predominantly as a buzzword

to become more competitive in the market. There is also a theme to copy

your competitors like if Competitor A is using blockchain why can’t we do

the same without even thinking about whether the use case is fit for purpose!!

The million-dollar question is if blockchain is really disrupting the

business and providing business value for investors, customers and more

importantly employees, over and above the existing cryptocurrency fever.

In the next section, we will walk through the blockchain footprint, suc-

cessful use cases in multiple sectors, challenges, business value, competitive

advantage and much more. So put your seat belts on and enjoy the exciting

journey of blockchain.