The blockchain is still in its infancy. There is still a need for more regulation and many more questions that need to be answered before widespread adoption.
“What the blockchain does is provides trust in the ledger, trust in the transactions…it doesn’t eliminate the need for trust, you got to trust the blockchain, you got to trust that the entire system is worthwhile and trustworthy and part of that involves law and regulation and governance,” says Kevin Werbach Professor of Legal Studies and Business Ethics at The Wharton School.
According to Professor Werbach these issues of trust will take many years to be resolved. “We are still pretty early. Basic questions about the technical maturity of the technology are still uncertain in terms of scalability, the user experience on most of these systems is still fairly low, and all of these legal and regulatory questions are still very early.”
Check out the full interview and how Professor Werbach believes the new blockchain technology could have a big impact on big oil.