Steve Chiavarone, VP of financial services company Federated Investors, is a fan of blockchain. He recently called them an \u201ceconomic growth driver\u201d and one of five pivotal technologies that will \u201cdrive this next industrial revolution.\u201d Based on how quickly the blockchain space has been evolving, there\u2019s little doubt that he\u2019s correct. Chiavarone made his comments during an interview with CNBC last week. When asked if blockchains will drive economic growth, he replied, \u201cWhen you think about it from an enterprise perspective, it has the ability to replace reconciliation\u2014which is expensive and requires back office, and time, and paperwork\u2014with more instantaneous verification.\u201d He then added, \u201cCompanies can have more efficient supply chains and can cut their back and middle office costs.\u201d According to Chiavarone, this \u201cwill allow business to flow more efficiently, and will allow costs to be cut and that saving to be passed along.\u201d The portfolio manager calls blockchain one of five \u201ckey technologies,\u201d along with artificial intelligence and the Internet of Things, that will be responsible for the next industrial revolution. He supported his position by pointing out how some of the largest financial institutions in the United States have already begun to embrace the technology and are making substantial investments toward its future. Bank of America, he explained, is already making great strides and has filed patents for 45 different crypto-related products. Chiavarone isn\u2019t the only one to feel this way. Fred Wilson, who co-founded Union Square Capital with Brad Burnham in 2003, said this week, \u201cThey are the fuel that powers a new form of technology infrastructure that is being built on top of the foundational internet protocols.\u201d He was responding to comments attributed to Warren Buffett, who has called cryptocurrency \u201crat poison squared\u201d and said that it won\u2019t amount to anything. Wilson added that smart contracts offered by blockchains are \u201cthe most important innovation we have yet seen in crypto.\u201d Of course, Buffett isn\u2019t always correct in his predictions. Years ago, he balked at two companies, saying that neither offered a bright future. Fortunately, not everyone listened and Google and Amazon are now thriving as multi-billion-dollar organizations.