Blockchain is one of the most talked-about and intriguing technologies at the moment. Although first described in 1991, it got its first real implementation and public attention in 2009 as the technology behind Bitcoin. Blockchain, similar to the rising of the internet, has the potential to disrupt business.
Blockchain is very complex, but the idea is simple. Simply said, Blockchain is a huge, global distributed ledger or database running on millions of devices that’s open to anyone. On the Blockchain, not only information, but anything of value can be stored. Its purpose is to ensure a 100% secure, verifiable and traceable database protocol.
Already, many people are exploring business cases beyond Bitcoin. Many of those, but definitely not all, are related to financials. Whether it’s reducing costs by keeping property ownership and records on Blockchain or using it to track high-value goods such as diamonds, all cases are about the secure, verifiable and traceable storage of information.
Although Blockchain is still far away from hitting the mainstream, if ever, IFS Labs is already researching the impact Blockchain might have on existing business applications. Looking beyond the “traditional” financial implementations, what are the most important benefits and challenges associated with the implementation of Blockchain technology?