A divisive subject which either amazes or perplexes, what’s certain is Blockchain has the potential to be the biggest technological game changer since the creation of the internet. First invented in 2009 by a man called Satoshi Nakamoto (many have little knowledge of him and believe it could be a group) – following initial work by Stuart Haber and Scott Stornetta going back as far as 1991 (the earlier initial origins of Blockchain – after Nakamoto’s transaction ledger was used to form bitcoin, hundreds of Blockchain applications have been created to disrupt the traditional trend and push the boundaries of modern technology, allowing data to be transferred and stored without a trusted third party.
Described as an ‘electronic peer-to-peer system’, Blockchain records digital transactions across multiple computers. The ledger can be updated, but only by those who can access the encrypted blocks, which is on a public network . A complicated system from the outside looking in, but it might just be the next step towards a safer and faster way to do business. Blockchain makes this a reality, because data can only be added by forming a new block, linking data together to form a digital protection.
For now, Blockchain is mainly used as an application to make financial transactions, with cryptocurrency being one of the main benefactors. The idea behind Blockchain is a smart one, making sure data is secure and encrypted should reduce the chances of hacking from an outside source. However, to truly benefit from this technology, it needs to be clear, concise, easy to read and access, shared between the right platforms and utilised in agreement between industries. As the technology develops, some experts believe that at least one business with Blockchain at its core will be valued at more than $10 billion by 2022. Research stemming from Gartner Trends expects businesses using digital ledger technology to grow to over $176 billion by 2025 and exceed $3.1 trillion by 2030.
Once Blockchain is universally recognised as the future and treated as such, the chances are development and implementation will increase ten fold. For those who already understand and use Blockchain effectively, it’s a 21st century revelation that will shape the future of technology, already beginning on a journey to protect financial information and revolutionise a number of industries.
Alacrity will be one of the trend setters in the future, with a full launch expected in 2020. A step up from current Blockchain’s, it features a framework to facilitate development of the next generation of applications, with Web 3.0 and it’s the first blockchain to integrate with all other data sources through its Universal Oracle.It could be used by governments, banks and businesses worldwide to great effect, so the next few years in development and progressive thinking will be crucial.-->