The lack of understanding in regard to what a blockchain is not something to lose sleep over. However, the importance of grasping the foundations as quickly as possible is imperative as blockchain becomes the next phase of the internet’s evolution. Blockchain can be described as a time-stamped, append-only series of blocks stored on an immutable, distributed ledger on multiple computers worldwide. Blockchain technology delivers a decentralised, cryptographically protected chain of records, creating a sequenced, interlinked record of activity and information that cannot be fudged, removed, lost, stolen or hacked.
A Whole New World
Consider a world where relationships and trust no longer needs be built over multiple transactions; instead, a person or business can interact without knowing the buyer, supplier or consumer. Imagine an environment where trust has already been established through consensus and cryptography, with credentials and authority validated by a network rather than a central authority. Furthermore, imagine business activity taking place across the world in an environment where all stakeholders can have confidence that their data and information cannot be manipulated, corrupted, deleted, lost, stolen or even hacked! Blockchain may be the solution to the trust equation that has so long enabled fraudulent activity to flourish across industries.
It may sound like science fiction, but the world I am describing is already in existence in certain areas of the global economy. Societies are incorporating the advancements of modern technologies to keep up with the rapid pace of change as well as to maintain relevance with the 4.0 economy.
The integrity of data and the quest for transparency, trust and authenticity has led to the rapid exploration of blockchain solutions within the financial sector, the medical industry, the logistics and freight sector and the agricultural industry. The development and expansion of blockchain use cases has attracted huge investment around the world, with many forward-thinking economies already implementing blockchain roadmaps and realising early returns. The world is in a frenzy about the future of blockchain and the possibilities it presents.
Businesses that are positioning to become a part of the next evolution in trade will need to pay very close attention to blockchain technology and consider whether or not blockchain should become a foundation pillar within their ecosystem. If you want to know more, book a 15min consultation with Ryan.