Beyond Bitcoin – What Blockchain and Distributed Ledger Technologies Mean for Firms

Bitcoin and blockchain technologies are benefiting from significant hype cycles in both societal and business contexts. Cryptocurrencies like Bitcoin have enjoyed rapid growth in user adoption over the past 8 years. However, blockchain technologies, which fuel cryptocurrencies, can be even more profoundly extended to other business applications. The blockchain can be leveraged to drive innovation and increase efficiencies in new domains including digital arts management, supply chains and healthcare. However, there continue to be technical, organisational and regulatory headwinds that must be overcome before mass adoption occurs in these areas. In this article, we provide a brief history of the blockchain and identify some of its key features that have enabled its popular uptake in the world of cryptocurrencies. We offer a discussion on how blockchains evolved from traditional software and web technologies. We then examine the underlying strengths of the blockchain and evaluate new, non-cryptocurrency use cases. We conclude by informing the thinking manager on the limitations of the blockchain and present several important considerations before they decide to implement it within their organisations