Blockchain, the New Digital Medium for Value
A new technology and IT platform called ‘Blockchain’ looks set to revolutionise how everything of value is handled in the digital world. So what is it and why is it so important? And why are bitcoins currently worth over $500 each?
A Global Database
A recent Computer World article described the basis of Blockchain as a global database and a kind of “incorruptible ledger” for of economic transactions. This open and programmable technology can be used to record transactions for virtually anything of value that can be converted to code from finances to accounts, votes, insurance claims, and important documentation like marriage / birth / death certificates.
The big advantages of this revolutionary new platform in addition to its incorruptibility are that it allows mass collaboration, it is constantly being updated and reconciled and therefore gives a true and current view of things.
Already Used in Bitcoin
The Blockchain technology is already being used at the heart of digital currency called Bitcoin. This currency can be used for all kinds of online transactions. It is created and held electronically, operates independently of a central bank, and it uses encryption techniques to regulate the generation of units of currency and to verify the transfer of funds.
Over $500 per Bitcoin.
The value of Bitcoin reached a new 20 month high at the end of May of over $500 per Bitcoin.
What Will Blockchain Mean For Your Business?
The innovative technology at the heart of Blockchain is thought to be on verge of having as high an impact as the technology that brought us PCs, the Web, mobile technology and the social web. Something this dramatic could therefore have a huge impact on how all businesses operate and could mean a major paradigm shift.