For some time now I’ve been a bit skeptical about the promises of blockchain in the business world. I’m a computer scientist and mathematician by training and by instinct, so I have gotten caught up in questions such as the suitability of different forms of blockchain proof, the difficulty of seeking Byzantine fault tolerance, and transaction database [in]efficiency.
However, I have come to realize that the value of blockchain technology does not lie so much in its solving multi-party transaction problems in some provably ideal way, but rather in its solving them in a suitable way—with well-defined interfaces, strong security, and backed by open software and algorithms. This in turn allows it to become a standardized platform. And that standardization is the real value of blockchain: it will both create efficiency and allow for easier innovation on top of it. Of all the solutions we could standardize on, blockchain has the most going for it.