As I continue exploring the practical realities of blockchain technology, I came across the Harvard Business Review article, “What Blockchain Can’t Do,” and found it to be both insightful and refreshing. While blockchain is often celebrated as a transformative solution for countless industries, this article challenges us to step back and assess its limitations with a critical lens.
The article tackles key misconceptions, such as the belief that blockchain can instantly create trust or fully eliminate intermediaries. It outlines several real-world challenges, including governance issues, scalability limitations, and the need for coordination among participants. These points underscore that while blockchain holds significant potential, it is far from a one-size-fits-all solution. It also emphasizes the complexity of implementation, which can be a barrier for organizations that haven’t clearly defined the problems they are trying to solve.
What I found particularly valuable was the conclusion, which argues that blockchain’s success isn’t about applying the technology indiscriminately but about using it to address very specific challenges. The article suggests focusing on cases where blockchain offers unique value, such as reducing fraud in supply chains or enhancing transparency in financial transactions. It’s a reminder that for all its promise, blockchain must be approached strategically, with a clear understanding of both its strengths and its limitations.
For anyone thinking about blockchain adoption, this article is a must-read. I am attaching it here for reference and discussion—would love to hear your thoughts on how you’re assessing blockchain’s role in your industry!