Unless you’ve been asleep for the last few years, you’ve likely been following headlines on blockchain. While some people have been quick to write off blockchain as a fad with no real legs, advancements in blockchain technology are steadily making their way into mainstream business. It’s important for tech leaders to keep an eye on the potential real business applications for the technology, so they can be poised to help their organizations become more competitive.
What Is Blockchain?
Put simply, Blockchain is a database in which data entered can never be modified or deleted. No single entity maintains the database. Transactions are instead verified and approved by users in a series of computers. Say there are ten individuals in a network. Person 1 wants to send money to person 6. Person 1 initiates the transaction which must be approved by all other individuals in the network. Everyone seals the transaction by solving a mathematical puzzle verifying that all computers have received the same information and ensures that the details of the transaction can never be modified. The blocks that contain the transaction records are kept in a chain, forming the permanent database.
How Blockchain Will Impact Business
Blockchain was designed as a decentralized means of conducting peer-to-peer financial transactions, however, the technology has many applications. In the not-so-distant future, blockchain can impact areas of business like:
- Contracts: Today, the only remedy when one party breaks a contract is the legal system. In a blockchain system, inalterable contracts can be used to ensure that no aspect of the contract can be modified, and one party can abandon the deal if the other does not adhere to the terms.
- Payments: Blockchain takes Big Banking out of financial transactions making it possible to send money across the globe in minutes, rather than days, simplifying and expediting international commerce.
- The Cloud: Blockchain is playing a significant role in decentralizing cloud storage, allowing companies to save data on thousands of devices around the world. Each piece of data is broken up and sent to different parts of the world, creating a more secure and dependable system
Are You Ready For The Blockchain Revolution?
The only way for business to take advantage of revolutionary advancements like blockchain is to have the right team in place. Modern technologies require modern skills and an in-depth knowledge of the market. If you are looking for top tech talent who can help drive your organization into the future, contact the tech recruiting experts at Talon today.