There's new big player in town when it comes to internet technology that everyone is talking about.
I'm sure you've heard of it. But, what is it? And what does it mean for you?
Blockchain, in the simplest of terms, is a new decentralized database. With Blockchain technology, you can see all transactions and changes to any data in real time. (Think GoogleDocs -- you can see any changes made instantly.)
Blockchain technology is unlocking new possibilities and opportunities for businesses and users. Here is a blockchain overview of things you need to know.
Blockchain Overview 101
Blockchain is an open ledger where anything can be recorded. From banking transactions to supply chain transactions. The chain can be seen by everyone and every transaction made is updated instantaneously.
Here are 4 basic things you need to know about blockchain technology.
1. No Middle-Man
One of the biggest benefits of blockchain technology is it eliminates the middleman. While we may lose some jobs because of this, there will be new jobs related to blockchain that we've never dreamed of.
For example, when you buy a stock on blockchain it happens that instant. There is no need to wait and/or pay fees for another institution to complete the transaction.
Another example is in the food industry. When tracking where your food came from, using blockchain technology is much more efficient. You can see exactly where your food was, and how long it took to get to your store.
This also eliminates possibilities for fraud along the way.
2. Who is Using It?
Microsoft, IBM, Walmart, and Oracle are among the Fortune 500 companies who are exploring blockchain technology.
It is also very popular among banks and financial institutions. Banks could potentially save $8-12 billion by using blockchain technology.
Asia and the Middle East are particularly pushing blockchain technology. Banks in Japan and South Korea are already testing blockchain transactions. This allows international transactions to settle the same day they are made.
Blockchain technology is significantly more secure than anything else we have today. While nothing is completely hack-free, it is a better option to make sure your transactions and accounts are safe.
Each transaction goes into a block. The block is then connected to blocks made before and after. This chain makes hacking much more difficult. The time when it is more vulnerable is right when it goes online.
In terms of blockchain technology, it is where the internet was 20 years ago. It will take years, and even decades to get blockchain up and running to its full potential. We are just beginning to grasp how it can change and benefit the way we do business.
We have just hit the tip of the iceberg when it comes to the possibilities with blockchain technology.
While it originated with Bitcoin, we are seeing that it will completely transform the way we do business in every industry. From this blockchain overview, it will be exciting to see all the new advancements from this new technology.
Are you interested to see how blockchain technology can transform your business? Contact us so we can help you be on the cutting edge.