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Many think of blockchain as a technology which is solely related to digital currency, which was its original purpose back in 2009. Blockchain has evolved into something much more than cryptocurrency use. In the broader sense, blockchain allows digital informaBlockchain: from concept to reality
Many think of blockchain as a technology which is solely related to digital currency, which was its original purpose back in 2009. Blockchain has evolved into something much more than cryptocurrency use. In the broader sense, blockchain allows digital information to be stored and distributed without requiring a central party, through a shared and continuously reconciled database, which database is public (not stored in one single location) and easily verifiable. Blockchain is capable of recording and tracking a multitude of transactions, from financial ones, to supply chains, land registries and medical records. The emerging technology which underpins the network is a powerful tool which should be sensibly understood by business leaders in order to assess the potential return on investment of a blockchain. The technology should be viewed as a means to address a specific need as opposed to a goal in itself or a one-size-fits-all solution to all problems. Before fully embracing the potential of blockchain, one will likely question what the benefits for implementing a blockchain network are as opposed to a traditional network, and what the costs and risks are. In order to... Read more