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Demystifying Blockchain

Blockchain has its origins in Bitcoin and is widely used in different crypto currencies. A relatively new and advancing technology, Blockchain reached a critical milestone in 2017 when Gartner (a top leading analyst house) included it in its hype cycle , a  report that looks at technologies that show promise in delivering a high degree of competitive advantage.

Enterprises should exploit the business potential of blockchain, artificial intelligence and augmented reality

Gartner

 

Blockchain is essentially a shared record of information that is maintained and updated by a network of computers rather than a central authority. It is protected by advanced cryptography, making it an unbreakable, un-hackable, crowd-sourced chain of records.

 

How Blockchain works

(currency used as an example to explain the concept)

Source: Financial Times

 

Blockchain technology is like the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network, the blockchain cannot:

  1. Be controlled by any single entity.
  2. Has no single point of failure.

The core principles of the Blockchain technology also mean that its potential is endless, and it can be explored by different businesses in a range of industries. A few examples are: supply chain, security or customer service.

To make it even more interesting, Techchrunch suggests that blockchain expertise is one of the hottest job skills at the moment with over 14 jobs available for every person with  experience. This trend is just going to grow as blockchain technology will see more applications in business.

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