Blockchain has the potential to be transformative like IBM’s SQL database was in the 1960s or the adoption of the world-wide-web by businesses and consumers was in the late 1990s. But, it is still just potential. It will take a lot of companies, organizations, governments and thought leaders acting in cooperation to make the kind of transformations anticipated. But all that has happened before and we can learn from mistakes made in the past.
Blockchain has become such a hot buzz word that companies adding the word “blockchain” to their company name are seeing a surge in their stock price. In December, Bloomberg News reported that the Long Island Ice Tea Corp shares rose 289 percent after it rebranded itself Long Blockchain Corp (https://bloom.bg/2BsDCLg). In January, it was announced that Kodak, emerging from the shadows of its 2012 bankruptcy, loaned its name to a new digital currency called KodakCoin which will help photographers manage their digital rights. Kodak’s stock rose more than 200 percent following the announcement. This article provides insights into research from Jen's new book, Blockchain in the Boardroom, and a layman's term explanation how blockchain could replace legacy systems.