Blockchain has moved through its hype cycle far faster than many other technologies. The cult success of Bitcoin produced a legion of zealots that saw blockchain as the answer to everything. However, the backlash has been swift, and the phrase “blockchain is a solution in search of a problem” quickly became a near-cliché. As with all hype cycles, blockchain is now settling into a sensible middle ground—not the answer to every problem, but a solution with many compelling specific use...