Experts are predicting that blockchain will have an equal or greater impact than the birth of the internet. There are many benefits to this technology, and as bitcoin and cryptocurrencies become more mainstream, more and more companies are jumping on board.
Actually, an October 2017 report from CompTIA indicates that early adopters are using blockchain for cryptocurrency/payments (44% of companies), as well as for digital identity (51%), asset management and tracking (49%), regulatory compliance/auditing (49%), distributed storage (48%), and smart contracts (45%).
Here’s why blockchain is such a big deal and why your company should be ready to make the switch.
Transparency Across Industries
The blockchain works due to the countless users who are seeing the same transactions in the network. If someone attempts to alter a data set, other users can quickly resolve the issue and ensure that transaction is not fulfilled.
One of the main reasons why this new technology is so interesting to business is that it’s almost always open source, meaning other users can modify the algorithms as they see fit. Plus, it provides a solid foundation of absolute transactional truth that a whole universe of open source projects could benefit from. While this seems a bit unnecessary to some, it makes sense for business owners who are worried about their data being altered or changed. Blockchain not only reinforces transparency, but it offers a safe and secure way to conduct business.
A Decentralized Universe
It’s easier for individual transactions to have their own proof of validity and authorization with blockchain, making it harder for hackers or cyber criminals to compromise or utilize the data set.
Smart Contracts
With the introduction of blockchain and smart contracts, agreements can be performed automatically, including being validated, signed and enforced. This reduces wasted time for employees and saves employers money.
Peer-to-Peer (P2P) Transactions
Cryptocurrency allows users the freedom to control their movement of funds in more secure transactions. Plus, there’s no worry about converting the fiat currency (currency forced into circulation by a government) from the origin’s method to the new country’s method.
Fiat Currencies Could Become Obsolete
Tech investor Tim Draper has seen his $20 million investment in Bitcoin grow by over 1,000 percent in just three years. Bitcoin appreciated over 600 percent in 2017, on a rocketing trajectory aimed at the fiat market. Draper predicts that in five years, fiat currency will become obsolete.
The prospects for blockchain technology across multiple industries are endless. The hype is only going to increase as more and more startups and enterprises embrace this new form of technology, similar to the internet boom.
It’s important to understand blockchain technology now, to get ahead of the game. IEEE can help, with the upcoming Introduction to Blockchain Technology live virtual event. Space is filling up fast, so purchase your individual seat to the IEEE Introduction to Blockchain virtual event today. Group discounts are also available.
Resources
DeNisco Rayome, A. (1 Mar 2018). 6 industries that are using blockchain to drive business value right now. TechRepublic.
Kim, S. (2 Mar 2018). What’s the Big Deal About Blockchain, Anyway? Business.com
Pollock, D. (9 Nov 2017). Fiat Currency Will be Laughable in Five Years Says Billionaire Tim Draper. Cointelegraph.
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