Every position in a company needs to add value, blockchain is no different.
When most people hear “Blockchain” they think of cryptocurrency. But there is a whole other world of blockchain.
As Bitcoin and other cryptocurrencies have gained attention, there's been increased interest in the underlying distributed ledger technology (DLT) that powers these digital currencies.
Blockchain technology can be confusing, but is not overly complicated. At it's heart, the tech exists as a shared, encrypted, database filled with entries that validated by peer-to-peer networks. Some find it helpful to envision the Distributed Ledger as a shared Google Document that is strongly encrypted and verified. A document where each entry in the sheet depends on a logical relationship to all its predecessors, and is agreed upon by everyone in the network. Kind of like a massive group of checksums to confirm that the data being read is the data that was written.
Blockchain, and the digital ledger technology has potential use cases well outside of crypto currencies. Already, the technology is used in a variety of business- and public-sector applications, such as tracking and tracing items in supply chains, automating customs clearances, and facilitating financial transactions.
Blockchain is a potent and versatile technology that is only now starting to live up to its hype.
With distributed ledger technology, permissioned participants can access the same information at the same time to improve efficiency and build trust. Trust leads to greater efficiency by eliminating duplication of effort.
Blockchain allows a solution to rapidly size and scale, and many solutions can be adapted to perform multiple tasks across industries.
Blockchain—a distributed database that fosters trust and lowers transaction costs.
Blockchain creates trust and transparency regarding data and can be used in an array of innovative applications.
As an example; National, state, and local governments are responsible for maintaining individuals’ records of all kinds:
- Birth certificates
- Marriage certificates
- Property transfers
Managing this data can be difficult, and to this day some of these records only exist in paper form. It's still not uncommon for citizens to have to physically go to their local government offices to make changes, which is time-consuming, unnecessary, and frustrating. Blockchain technology could simplify this recordkeeping and make the data far more secure.
For organizations looking to leverage blockchain, the challenge is threefold:
- Understanding the technology
- Determining how blockchain can be used to create business value
- Developing an approach that provides value early on.
ETL implements blockchain solutions that provide quick, clear obvious value to justify their ongoing operation.
Global spending on blockchain is forecast to reach nearly $17.9 billion in 2024, growing at a five-year compound annual growth rate of 46.4%.
