The 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
It 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.
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