The blossoming of the blockchain

Abstract

WHEN BITCOIN WAS unleashed on the world eight years ago, it filled a specific need, for a digital currency that wasn't under anybody's control. But it wasn't long before people realized the technology behind Bitcoin-the blockchain-could do much more than record monetary transactions. . That realization has lately blossomed into a dazzling and often bewildering array of startup companies, initiatives, corporate alliances, and research projects. Collectively, they're facing a question that will have an enormous impact: What can the blockchain do better than conventional databases? Billions of dollars will hinge on the answer in the next several years. . Can the technology link neighborhood buyers and sellers of rooftop-generated solar electricity? Can it keep track of property titles, academic transcripts, energy market credits, and state licenses for health care providers? Can it check the status of airline flights-and make reparations to weary travelers if their flights are delayed? We'll soon see: All of those proposals have been embodied in blockchain-based agreements called smart contracts, which are being tested right now.