Blockchain Technology

Blockchain Technology

By now, we've all heard of Blockchain. It has come to be perceived as a new technology poised to cause a paradigm shift in business and finance.

While this all sounds very exciting, it is at best an exaggeration. Lets bring this down to earth.

Blockchain demystified

Blockchain is not a "new" technology at all... rather, it is a new implementation of long established technologies-- primarily distributed computing and cryptography.

The concept is further complicated by a related (but not synonymous) concept, Cryptocurrency. It is important to realise that Cryptocurrency is simply one way to use a Blockchain, but Blockchain does not necessarily involve Cryptocurrency at all.

With the above points in mind, we can define Blockchain simply as a database that is redundant, distributed, and immutable.

Let's break this down:

  • database - a repository of data

  • redundant - stored as multiple copies

  • distributed - across various computers and networks

  • immutable - in which data cannot be changed once it is stored

A Blockchain is a repository of data stored as multiple copies across various computers and networks in which data cannot be changed once it is stored.

Is Blockchain right for you?

There is certainly more to it, but this simple definition is the key to determining whether Blockchain is a candidate for your business processes. Our experts can help to determine whether your business can benefit from the implementation of this disruptive technology.