That is Wired’s headline (see link below), not mine. It is an interesting article, if a bit long. That said, those who say that Blockchain will put the Auditors out of business don’t understand how crooks and incompetents work in the real world. They look for the weakest link in the chain. And, with Blockchain it isn’t the mathematics or resulting (through cryptography) integrity of the ledger, but everything surrounding it that provides the opportunity for all kinds (several are described in the article) bad/incompetent actors to do their worst—and they will.
In previous posts, I have suggested that blockchain technology might have a place in a corporate setting– if the business case could be made for the overhead associated with the technology. And, I am glad that companies are making R&D investments around blockchain. That said, I am becoming more and more skeptical that blockchain can make the case as a mainstream technology. I don’t hear of clear wins coming out of corporate R&D efforts. And, the overhead of implementing/operating it along with the myriad of ways the seemingly impenetrable technology can be worked around makes it look less and less like something that will have a positive NPV in a corporate setting.
I would be interested in hearing from you if you have real world success stories where the win has been documented.
Leave a Reply