What is Blockchain?
Blockchain offers a new type of database where there are no database servers. Commonly known as a distributed ledger technology.
We have created another post discussing what Blockchain involves and Blockchain technology, however the main question about what is blockchain and why is it so important still lingers. Below we explore the current issues with the way we do things and how Blockchain technology can help us address these everyday business problems.
The issues with current database styles:
- Takes time to process information
- High cost
- Are vulnerable to hacking
- Have limited participation
- Require special skills (users and programmers)
- Can be error prone
A Blockchain database is immutable. On a Blockchain; blocks are only added, never deleted.
The key benefits of adopting blockchain are as follows:
- No central database required
- Has the power to be almost hackproof
- Eliminates central authorities
- Significantly reduced transactional costs
The key challenge in the adoption of Blockchain within your business is the general lack of Blockchain knowledge and can be complex to develop and use. Blockchain adoption would mean changes in regulations, laws, policies, treaties and agreements.
Don’t let this put you off, Blockchain is big and coming very soon! According to an IBM survey, “91 percent of banks are investing in blockchain solutions for deposit-taking by 2018 to protect against start-up non-banks.” While Blockchain has made inroads in finance, the program will soon play a role in most industries, from manufacturing and healthcare to retail and cybersecurity.
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