Blockchain (BC) has received a great deal of attention in recent years because of its use by crypto currencies. Beyond this narrow use, however, BC-based use cases have been evolving for several years. Enterprises are investing heavily in it and are committed to its adoption. So far, it’s not clear that much additional value has been created or, at least, that additional value has been captured. We are early in the hype cycle for BC. In this paper, we look beyond the headlines to understand the merits of the technology and what limitations inhibit wide adoption.