The next big tech revolution

Blockchain's promise: Dramatically speeding up transactions

The term “blockchain” in an ordinary citizen’s mind probably evokes an image of shady, masked men, whispering to each other in a dark corner of Dalal Street, hiding from the notice of law enforcement officials, plotting illicit monetary transactions to make wealth for themselves.

The real promise of blockchain technology is just the opposite: It is going to enable a world of very low-cost transactions without the expensive bureaucracy of brokers and bankers and lawyers and others adding their fees on top. For example, a typical stock transaction can be executed within microseconds, often without human intervention. However, the settlement —