The Future of the Blockchain

block chain logo collage.google imagesThe concept of Blockchain technology has been around since 2008 and more recently has been the topic of debate regarding whether it’s use in the financial sector was going to be limited to digital currency and financial contracts or scale and evolve to handle all transactional data and communications. Organizations are researching customized uses for specific proof of concepts to address related, but different industry goals.

The original Bitcoin technology stack had limitations and shortcomings that had to be addressed or replaced by emerging Blockchain technology consultant companies. Some have reached a testing stage and have the ability to demonstrate the technology by integrating it with other systems, while others are still assembling components and structure. Few of these start-ups are located in the United States and most are currently located on the west coast.

Through the next five years, there will be multiple distributed ledger platforms powering digital business and laying the foundation for an autonomous programmable economy. The path to this economy may not take the earlier estimated decades to deliver due to continually increasing the pace of technological advancement. The internet took decades to reach full potential but the increments between each monumental step decreased along the way. To date, it has completely altered everyday life and changes are constant.

Much has been learned since then and today industry is more motivated than ever to remove redundant, wasteful, fraudulent transactions from the original technology. The world wide web or distributed networks we have all been working on are modified off a system based on the technology of the early 90s and are now overwhelmed with data that is either leaking or being breached at every computer, platform, and application’s weak point of contact with another system.

The term “distributed ledger” is used in unison with “Blockchain,” to better describes the flexibility and support the concept of businesses as “platforms.” Some emerging Blockchain companies refer to themselves as a Platform as a Service (PaaS) business. This evolution takes Blockchain technology to more advanced alternatives for transferring various forms of data in all businesses and industries. Imagine:

  • cars that can negotiate parking space availability, receive bids on spots, calculate appropriate costs, and make the payments
  • landowners who can undeniably verify deeds
  • systems that track resume and identity through education history and credentials
  • healthcare records stored and linked to insurance, lab results, and prescription medications
  • accurate, real-time political voting systems
  • recording property such as music and art, intellectual property rights, creation dates, and avoiding potential third party claims

linkedin supply chain imageIt is through the shortcomings of the Bitcoin technical architecture that alternative versions of the Blockchain distributed ledger system were discovered. Transactions can be confirmed through an automated network of computers controlled by mathematical rules resulting in transparency across industries. This is not a trend or fad but a new basis for global interaction. Take a step forward to avoid extended disruption to business processes and wasted funds for massive architecture changes later. Chief Information Officers should be finding a place to integrate and test Blockchain technology on a portion of their operating systems now in order to go full scale later.

The coming wave of The Internet of Things (IoT) will tie corporations to businesses and workplaces to households as well as how we travel in between.

 

Read What Chief Information Officers Need to Know About Blockchain

Find Charlotte’s new Blockchain Council

Join the Blockchain Council LinkedIn group

Find information on a list of 10 more of the most recent Blockchain start-ups

Learn basic Blockchain Terms

See a list of resources pertaining to these articles

 

 

 

Advertisements

, ,

  1. #1 by https://www.youtube.com/watch?v=rQFjijPOTd8 on February 10, 2017 - 5:20 pm

    What’s Happening i am new to this, I stumbled upon this
    I have found It absolutely helpful and it has aided me out
    loads. I am hoping to contribute & help different customers like its helped me.
    Good job.

    Like

  2. #2 by Đăng ký các gói cước 4G Mobi on January 21, 2017 - 12:32 am

    Saved as a favorite, I like your site!

    Like

  3. #3 by dang ky mobifone 3g on October 4, 2016 - 6:38 am

    Thanks for finally writing about >The Future of the
    Blockchain | scribe syndicate <Loved it!

    Like

  4. #4 by android on July 26, 2016 - 12:44 am

    Wow, this post is nice, my younger sister is analyzing these kinds of things, thus I am
    going to convey her.

    Like

    • #5 by Jessica Headrick on August 6, 2016 - 11:46 am

      I am glad to have a topic for you to share!
      Thanks for reading,
      Jessica

      Like

  5. #6 by Mobifone 3g on July 25, 2016 - 8:55 pm

    What’s up to all, as I am really eager of reading this web site’s post
    to be updated on a regular basis. It contains fastidious
    information.

    Like

    • #7 by Jessica Headrick on August 6, 2016 - 11:49 am

      So glad to have you visit my site. I try to have interesting topics that can appeal to many people.

      Jessica

      Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: