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Blockchain technology is transforming nearly every industry, whether it be banking, government, fashion or logistics. The benefits of using blockchain are substantial - businesses can lower transaction costs, free up capital, speed up processes, and enhance security and trust. So it’s no surprise that more and more companies and developers are interested in working with the technology and leveraging its potential than ever before. In this article Michael Jaiyeola, FinTech Lead, at Erlang Solutions, gives an overview of the blockchain landscape as part of an in-depth series of blog posts that are being published on the Erlang Solutions website.
It is some time now since the revolution of decentralisation began following Satoshi Nakamoto’s white paper proposing a decentralised solution to the problem of double spending on digital networks. A multitude of platforms, technologies, and services are now moving from centralised proprietary systems to decentralised, open ones driven by a number of powerful social and psychological factors.
Essentially, a blockchain is an expanding list of cryptographically signed, irrevocable transactional records that are shared by all participants in a network. Each record is time-stamped and references link to previous transactions. Anyone with access rights can trace back a transactional event, at any point in its history, belonging to any participant.
Blockchain technology has led to a new renaissance of inspiration that is spreading worldwide. The technology’s potential is massive, working products and fulfilled promises are beginning to take shape. For organisations, blockchain presents an opportunity for a fundamental change in how data is managed; from where every company has its own copy of a data set to a scenario in which all parties in a network have controlled access to a shared copy.
While many business leaders are still trying to figure out how to put the technology to work for maximum ROI, most agree on two things: firstly, blockchain unlocks vast value potential from optimised business operations and secondly, that it’s here to stay too. What this means is that talk about blockchain implementation is no longer merely food for theoretical debate, it is now with a view to imminent business application based on an ever growing library of proven use cases.
Organisations should not sit on the side waiting for others to create effective business cases but ensure that they are building strong in-house knowledge so that they are ready to make effective decisions to embrace blockchain technology when the time is right.
In short, the only real mistake organisations can make regarding blockchain is to do nothing. Even without a completely solid business case to implement, organisations should, at the very least, keep an eye on developments in blockchain tech so that they can take advantage of opportunities when they present themselves. Business leaders must start planning how to best use this transformative technology to unleash trapped value in key operational processes. It’s clear - blockchain should be on every company’s agenda, regardless of industry.
To dive deeper into HOW to utilise the power of blockchain technology to power your business we suggest reading our blog series by subject matter experts at Erlang Solutions, who provide an in-depth analysis of blockchain from technical, theoretical and human-centric perspectives. We hope you will be inspired by reading, reflecting and taking an active stand in the discussion. We are here to help you avoid a ‘doing nothing’ mindset and encourage you to consult with us on how to scale your distributed systems.
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