While blockchain technology is most commonly linked with the banking industry and cryptocurrencies, its true potential is considerably broader. Innovative businesses are figuring out how to use blockchain technology to give practically every industry a facelift, disrupting traditional business models and paving the path for new, disruptive company models. Blockchain has the potential to be a significant technology in a new technological paradigm characterized by increased automation and the merging of the physical and virtual worlds. It has an impact that extends beyond the economy, as it has the potential to change social interaction, governmental institutions, and our relationship with the environment, as well as countries’ possibilities for achieving sustainable development.

Blockchain is in the early stages of a technological revolution, characterized by radical breakthroughs (driven by suppliers), experimentation, new technology solutions, a plethora of standards, and conflicting technical specifications. During the installation time, the financial sector, which provides the necessary funding for entrepreneurs to innovate, is also learning about the new technology and its financial prospects. The rapid rate of innovation, combined with a lack of understanding of the new technology’s true potential, leads to an investment frenzy. As a result of the progressive decoupling between the real economy and the financial sector, there is a tendency for speculation, and “money making money” schemes emerge.