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How Blockchain Affects Our Coverage

We believe companies with moats from switching costs and intangible assets are less vulnerable.

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Companies that engage in financial transactions, data management, and marketplace activity are seemingly at risk, as blockchain technology can potentially lower transaction costs as well as the costs of recordkeeping. However, we’ve identified some narrow- and wide-moat companies that should be less vulnerable to the blockchain threat. These companies provide value-added services along with simpler transaction processing and recordkeeping functions. For our previous articles in this series, see "Blockchain: Disruption by Decentralization?" and "How Is Blockchain Used?"

Decentralization via blockchain offers several potential benefits to customers. For example, bitcoin offers more privacy, greater transparency, more security, and lower costs (at least in theory) than centralized methods of payment processing.

Jim Sinegal has a position in the following securities mentioned above: GOOG. Find out about Morningstar’s editorial policies.

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