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Blockchain has recently become a buzzword in the tech industry and it’s taking the world by storm. But what exactly is it and why should I know about it?
To put it very simply, blockchain is a secure, decentralized, digital ledger technology. Decentralized allows peer to peer users, without the middle man in between. The secure ledger is built using cryptography, a mathematically unbreakable system of data transfer. The type of data that can be transferred are: cryptocurrencies (Blockchain was originally developed for Bitcoin cryptocurrency), contracts and records.
Once data transactions are verified, a new block of data is added to the blockchain. All transactions made on the blockchain are permanent and cannot be deleted, so any mistakes must be counteracted with another transaction. This creates transparency in a way that has not been seen before.
The future of Blockchain
Over the next 10 years, blockchain technology is set to completely change the way we do business. Up until now, it’s become normal to pay fees for most transactions we need to make, whether that is through the bank, through online payment portals and even platforms that sell digital products. Blockchain technology allows you to make the same transaction for a fraction of the fees you would usually pay, so it will largely reduce costs in many industries.
For this same reason, many businesses may cease to exist, or they may have to dramatically change the way they operate, as consumers will favor the businesses using blockchain related software, since it’s the most cost effective and fastest option. People won’t want to pay a fee anymore to send money to someone, neither will people want to pay large fees to have their digital products sold when they have better options.
Multipurpose Technology
Apart from Cryptocurrencies and other types of online payments, the Blockchain technology is expected to infiltrate many other industries. Here are just a handful of industries that we can expect to see using blockchain technology in the near future:
- Real estate
- Medical
- Charity
- Education
- Stocks
In a separate post, will expand on how blockchain will affect specific industries. For now, it’s a great time to be thinking about how Blockchain will affect or benefit your business in the next 5-10 years. Will you be among the first to offer your services with the assistance of blockchain technology? One thing is for sure, if you don’t another company will…
Prepare your business for big change on a scale compared to that of the dotcom era! It’s coming fast and house-hold names including Sony, Barclays and Microsoft are already rumoured to be making plans to incorporate blockchain technology into their businesses.
Want to know more about how developing software with blockchain technology could help your business? Talk to us today!
EVA GEORGE
Marketing Specialist at Scopic Software
