What is blockchain, you may ask? A blockchain is a data structure that makes it possible to create a digital ledger of transactions and share it among a distributed network of computers. It uses cryptography to allow each participant on the network to manipulate the ledger in a secure way without the need for a central authority.
Here is what the Wall Street Journal has to say about this emerging technology:
Known by many as the technology underpinning the bitcoin digital currency, blockchain has acquired a new identity in the enterprise. At a time when companies face new challenges in data management and security, it’s emerging as a way to let companies make and verify transactions on a network instantaneously without a central authority. Today, more than 40 top financial institutions and a growing number of firms across industries are experimenting with distributed ledger technology as a secure and transparent way to digitally track the ownership of assets, a move that could speed up transactions and cut costs while lowering the risk of fraud. Some companies see an opportunity to use blockchain to track the movement of assets throughout their supply chains or electronically initiate and enforce contracts.
Blockchain remains in the experimental phase inside many large firms and there are few tested use cases, experts and analysts caution. Source
Here’s an interesting factor in blockchain technology: Mobile Phone devices are empowering the growth and adaptation of the new so-called “second computer age.”
Today, more knowledge and media can be stored on a hard drive the size of an iPhone6, than could be stored on 20,000 Compaq Deskpros from 1996 — taking up enough space to fill a 3,000 sq. ft. home. Knowledge can be copied and stored for fractions of a cent, making it possible for every person on earth to have a copy of all their favourite movies, books and songs. Source
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