When the price of a single Bitcoin jumped from $1,000 to $20,000 last year – and then promptly plummeted in early 2018 – the critics said the endemic volatility of cryptocurrencies would kill off any chance of broad adoption.
No such blandishments, however, have accompanied predictions about the viability of the blockchain technology that underlies cryptocurrencies. Indeed, keen interest in blockchain’s potential has resulted in a beehive of development activity.
The Enterprise Ethereum Alliance now boasts more than 200 members and 17 working groups focused on establishing standards for projects adopting the technology. At the same time, the Linux Foundation’s Hyperledger group counts 231 organizations working on more than 400 projects.
Yet while the technology is generally believed to be secure, organizations shouldn’t assume that makes it automatically safe to use.