Is “blockchain” the most overused buzzword in financial services? As both the development and adoption of products using the technology has been slower than many in the fintech world anticipated, blockchain is increasingly being viewed as simply a solution looking for a problem.

For several years now, banks have been excited by the potential applications of blockchain in various parts of their business, as well as promises of cost-savings in the billions. Blockchain — which was originally created as the infrastructure to underpin the cryptocurrency bitcoin — works as a record-keeping system that gives multiple parties access to the same transaction records. It was intended to enable a system featuring non-reversible payments, eliminating the possibility of disputed transactions. (Ironically enough, this was meant to eliminate the need for financial intermediaries such as banks.)