Many of the technologies that we now take for granted were a buzz in their own time. Say smartphones or IoT, they had their time and are now becoming a constant in over lives. Many technologies have revolutionized the way we live and the future seems to offer the same with disruptive technologies. And when we talk about such technologies, Blockchain is right up there.
Blockchain, mostly known as the backbone technology behind Bitcoin, is one of the hottest and most intriguing technologies currently on the market. It was created to provide legitimacy to the founder of Bitcoins after the financial cataclysm of 2008. Until recently, however, it remained a little-recognized technology. Google’s search data says that searches for Blockchain have increased by 1900% since 2013, which shows the eagerness to explore it more.
At its heart, Blockchain offers a central authoritative control while offering a decentralized network of self-compliance and regulation. While it was known to be the technology behind Bitcoin, it has now been identified as a revolutionary technology by entrepreneurs, startup companies, investors, global organizations, and even by governments.
What is BlockChain? It is a secure distributed electronic ledger, connecting multiple stakeholders in a network of integrity, facilitating the transfer of assets, funds or information. The distributed database is generally made up of the blocks that are secured by a key only known to related parties. This means any request for a change in a document needs to have the approval of all the stakeholders.
The blockchain is expected to offer secured transaction, data protection, data accuracy, process integrity, ecosystem simplification, quick transaction and lower transaction costs. This completely compliments the fact that Blockchain is a top technology disruptor. The top industries that are expected to invest heavily in Blockchain are banking, financial institutions, and healthcare, with industry experts predicting that almost 15% of banks will adopt this technology by mid-2018.
I look forward to it, are you? Share your thoughts in comments.