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The Promise of Blockchain Is a World Without Middlemen
Key Excerpts from Article on Website of Harvard Business Review
Posted: July 7th, 2025
https://hbr.org/2017/03/the-promise-of-blockchain-is-a-world...
The blockchain is a revolution that builds on another technical revolution so old that only the more experienced among us remember it: the invention of the database. IBM’s database model stood unchanged until about 10 years ago, when the blockchain came into this conservative space with a radical new proposition: What if your database worked like a network — a network that’s shared with everybody in the world, where anyone and anything can connect to it? Blockchain experts call this “decentralization.” Decentralization offers the promise of nearly friction-free cooperation between members of complex networks that can add value to each other by enabling collaboration without central authorities and middle men. In a world without middle men, things get more efficient in unexpected ways. A 1% transaction fee may not seem like much, but down a 15-step supply chain, it adds up. These kinds of little frictions add just enough drag on the global economy that we’re forced to stick with short supply chains and deals done by the container load, because it’s simply too inefficient to have more links in the supply chain and to work with smaller transactions. The decentralization that blockchain provides would change that, which could have huge possible impacts for economies in the developing world. Any transformation which helps small businesses compete with giants will have major global effects.
Note: This article is also available here. Watch our 13 minute video on the promise of blockchain technology. Explore more positive stories like this on reimagining the economy and technology for good.
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