Can blockchain be replaced by a superior tech.?

Bitcoin and blockchain technology has revolutionized the tech world. It is the talk of this sphere. Although it is truly a game changer I mean if you see how ICOs have bypassed Venture Capitalists one thing keeps propping up in my mind can blockchain be replaced by a superior tech.?

The drawback in blockchain technology has withheld it from becoming the platform for all transactions.  Firstly the time taken for a transaction to be verified is thirty minutes to one hour. Imagine your self standing in a line at your local grocery store need I say more. Secondly the fee to be payed to the miners for a transaction to be confirmed is astronomical, it is almost impossible to transfer small sum of money when transaction fee is so high. 

Don't get me wrong I love the idea that we are witnessing such a disruptive technology rise in the middle of all the gloom surrounding world economy but sometimes I wonder can we get lucky twice!