There are truly too many apps, algorithms and other inventions of code that one is hesitant to use the word “revolutionary” when it comes to “technology”. But not many of the Fitbits to VR helmets to Google glass, truly alter everyday life or business practices, at least not the right way – reports Fortune magazine.
However according to the three well accredited Fortune writers- Robert Hackett, Jen Wieczner and Jeff John Roberts- the technology to watch out for, that might as well change everyday business and industries throughout is called Blockchain.
Blockchain is a term heard a lot in the cryptocurrency but what does it actually mean. The Fortune writers use the term “sophisticated accounting architecture” when describing it. Bitcoin has received a lot of hype due to the price increase, rising up to $4200, but the thing that should be looked at more than monetary value, is the technology behind it.
“The same distributed code-based ledger that drives Bitcoin has the potential to move any kind of data swiftly and securely- and, at the same time, make a record of that change, movement, or transaction instantly and permanently to anyone”.
This is something very essential and advantageous to companies in many different industries. Big companies such as Danish shipping giant Maersk and Walmart, are testing their own blockchain. One to track movement of the cargo to different ports and simultaneously, let the U.S Department of Homeland Security do the same. Whilst the latter is using it to identify the route a product makes from production, to a store shelf. This advanced technology could be a game-changer to the big companies.
Finance companies are definitely joining the trend. Testing blockchains as platforms for stock trades and interbank money transfers, there seem to be many opportunities on developing this technology.
However, the technology as with any brand new technology does not come without any faults. That hasn’t stopped companies, as well as brilliant young innovators to continue to use it and test it.
The promise to bring faster transactions at lower costs is an advantage to any company, it is after all what customers want.
The revolution has begun, and Blockchain is something to watch out for.
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