I am familiar with the situation. There are two problems with blockchain technology that I would like to point out.
The first is that current computers are simply not fast enough, so even if we wanted to crack some of the encryptions that are being used in blockchain technology, we simply don't have the computing power to do so. It will take many years for computing power to catch up on that.
The second problem is that I think, especially with blockchain technology, because it technology is so new, consumers have put a lot of trust in these organizations that are worth hundreds of millions of dollars, but they have no idea what kind of defences have been put in place, or if too many defences have been put in place, in which case they rely on a single person.
In a way, the technologies are great and I think that experimenting with them is the right way to explore what their applications are. However, I am not of the belief that financial implementation that has taken place to date—like Bitcoin and some of the other cryptocurrencies—is the right application of the blockchain itself.
The technology itself is very powerful and should and can be used to solve some of the problems we've seen, similar to the case in which a single person has the responsibility for $250 million of other people's money and assets.