The benefits of blockchain to our businesses and industries are substantial, from cost and risk reduction, immobility of data or adding transparency to transactions, businesses from most industries benefit from this new technology.
It's so disruptive because it takes us 'back to basics'.
The digital world has more interactions than the physical world, bringing many new implications not only to the way we do business but also to the way we interact with each other on a daily basis.
With the rise of new technologies such as cloud computing, big data and machine learning, there is a need for a simpler and more efficient way to perform transactions.
In November 2008, when bitcoin was brought into the public eye, it was a very exciting time; a paper posted on the Internet under the name Satoshi Nakamoto, "bitcoin: A Peer-to-Peer Electronic Cash System", stated a brand-new way to approach any economic or non-economic transaction.
Years later, there's new excitement about one of the pieces of the bitcoin puzzle - blockchain, the technology used for validating and recording those transactions, is now seen as having the potential to reshape the digital era.
Whether you work in the financial world, real estate or any other sector, most likely you've already heard about blockchain and how this new technology is expected to disrupt most industries in the coming years, in some cases having been compared to the early years of the Internet.
Blockchain is be considered one of the most disrupting technologies simply because somehow it takes us "back to the basics" of any transaction where there is no central authority, all parties can maintain a copy making it impossible to manipulate, and it allows you to know "who did what and when" at all time. To try to make it simple, the way blockchain works is by allowing you to make and record a transaction (i.e., the sale of a house); this transaction will become a permanent entry in the system and will create a "block" as long as this is validated by all participants. This transaction will be linked to all the previous blocks creating a "chain of evidence" feeding into an ever-growing, unchangeable and encrypted ledger that can be viewed by anyone who has the proper access to it.
The benefits are substantial: whether you look at cost and risk reduction, immutability of data, or adding transparency to transactions, companies from most industries can benefit from this new technology. Telcos are not the exception, providing operational efficiencies by cutting internal cost and also enabling new value-added digital services for their customers.
The U.K. Government has outlined ways the state could use blockchain technology to track payments and provide public services. Minister for the Cabinet Office Matthew Hancock has announced that government will begin looking at blockchain technology as a practical way to improve the efficiency of taxpayer money distributed as grants to agencies and partners for research and innovation. Mr. Hanock said "The Cabinet Office is looking at blockchain as a way to monitor and control what can sometimes be an incredibly complex process".
Technology such as blockchain offers a number of opportunities to explore within government and was used as part of the bitcoin currency. Government is keen to work with cutting-edge private sector fintech companies and academics to see where it can support the sector.
Looking to the future of blockchain, although the concept has already expanded beyond its use by crypto currencies and its benefits are starting to be clear,thereare still huge areas of adoption to completey undersatnd and apply the the benefits this technology will have across businesses and industries..