‘Blockchain’ is a prominent buzzword, and we're told that the technology is going to transform the way we work. But what is it?
Data security & availability
While there are many ways to describe blockchain technology, the most simple of definitions is that blockchain is a database. But it’s not just any database. Records that are held on the blockchain are highly restricted, which means that they can only be amended through registered transactions, and not through alternative methods such as human input. The advantage is obvious: blockchain boasts the potential to significantly increase the availability of verified data and improve data accuracy for businesses, while simultaneously minimising the risk of fraud, theft, and data corruption.
To date, blockchain is most closely associated with cryptocurrency, offering a verified, accurate, and up-to-date record of all cryptocurrency transactions. However, it is anticipated that a number of other industries will begin to adopt blockchain technology over the coming years due to its advantages.
It can reasonably be assumed that blockchain could have an impact upon a number of sectors: it could be used to ensure the security and confidentiality of medical records during transfer from one facility to another; it could be used to facilitate the widespread adoption of smart legal contracts; it could be used in the education industry as a form of qualification verification. There are many possible applications, and practically any form of transaction can be recorded on the blockchain. It’s not all about finance.
Blockchain & tech startups
Tech startups especially are showing increasing interest in blockchain technology, as this will undoubtedly impact not only the work that they do, but also how they do it. Not only is blockchain development expected to become a highly sought after skill, but it will also affect how new businesses process payments, draw up contracts, handle transactions, and view cyber security.
If you would like to talk blockchain technologies with us, feel free to contact us anytime.