You don’t know it yet, but chances are, the organisation you currently work for is getting a blockchain for Christmas.
Not just a buzzword to raise stock prices, a blockchain is the one piece of technology you don’t have, it’s the many solutions you need.
That read like YouTube click bait, however if you were to sit with your tech staff and talk about the costs you spend on system redundancies, raid arrays, mirrored servers, storage costs for insecure data, the costs spent on secured data storage alone would likely give you a Myocardial infarction.
The next statement you should ask your IT staff is how many computers are sitting idle at any one time? The answer is likely many. Do these get switched off at night? Again, the answer is likely no. If you have any idea of the wasted resources sitting in plain sight, again you would likely have a second episode.
What is a blockchain? You’ve seen it everywhere, I already mentioned it’s the buzzword of the decade. It’s likely you have heard and read a lot about Bitcoin. Let me begin by emphatically explaining that just like the ocean consists of more than one species, Bitcoin alone, is not the blockchain. To simplify the process of explaining what blockchain is to you, think about it like this. Every computer in your organisation can run some software to store pieces of data, to securely store or verify the truth of a packet of encrypted information. So the resources you already own which sit idle for 16 hours of the day could run a node of your own internal blockchain to securely store, back up, test and restore your data.
The secret to the success of blockchain is the application of the technology. Currently there are thousands of organisations around the world leveraging this technology, fulfilling multitudes of use cases from delivering content, micropayments; removing the need for advertising, which in turn increases user experiences.
Google, Amazon and IBM all have forward facing B2B blockchain solutions ready for implementation. In the same way Apple disrupted the telecommunications industries in 2007 with the release of the iPhone, blockchain technology is the disrupter of the decade with applications and use cases growing by the day.
This week, Concensus2018 ran for three days in the heart of New York’s Time Square. First held in in 2015 where attendance was below a poultry 500 crypto enthusiasts, this years attendee numbers broke records and exceeded expectations with over 8,000 CEO’s, CTO’s, enthusiasts and developers paying in excess of $2,000 USD to attend the three day conference and workshops. Designed to propel the understanding of blockchain technologies in the community, Consensus2018 was sponsored by the likes of IBM, Deloitte, Accenture, Microsoft, Ripple, even our own Australian Government’s ‘Australia Limited’ initiative. Amongst the list of sponsors it is notable to include one of the worlds largest banks, Santander, who have recently launched their own foreign exchange application implementing a very exciting blockchain payment solution.
If traceability and highly secure cryptography is a level of accountability required to meet legislative requirements, governance or internal protocols in your organisation, you cannot ignore the benefits of the distributed ledger technology. Combine this with the ability to create your own applications built right off the technology, an entire new ecosystem of solutions may be sitting at your doorstep waiting to be explored.
Blockchain is coming to a street corner near you in a very big way:
- Identity Verification
- Tamper Proof Storage
- Digital Assets
- Smart Contracts
- Tamper proof Voting
- Distributed Storage
Do you see an implementation of one of these in your organisations future? We do.
Coroma are committed to the future of Blockchain, we have connectors for most major exchanges so please reach out to us for any help and support in this area.