Despite growing uses of blockchain, people still reference it as being empowered only through the use of Bitcoin and Cryptocurrecy – but blockchain is so much more than that.
If you take a glance at our blockchain piece and how it has the power to impact everyday business processes and functions, you’ll see that blockchain is an effective way of storing and tracking data. It allows for more accurate accountability and a smoother transaction processes.
Innovations in blockchain don’t only have the power to make for a smoother and more accountable process, but they’ve been shown to have the potential to have a humanitarian impact. An article by Forbes identified a quickly escalating Blockchain start-up, Everest, which has grown to a headcount of 12 since 2017.
One social issue that Everest is looking to tackle is human trafficking. By creating an identity utility for humanity, parents would be able to enrol their children and ‘flag’ their children as missing. Furthermore, through a simple mobile phone app, first responders and healthcare professionals are able to screen individuals and make sure they haven’t been reported as missing.
This, and other innovations, are paving the way for the power that blockchain technology has to offer. In addition, blockchain as a service, also known as BaaS, is on the rise. It is an offering which allows customers to leverage cloud-based solutions to build, host and use their own blockchain solutions.
As well as a humanitarian impact, blockchain has the power to influence and disrupt a variety of sectors; from real estate to digital democracy. So why isn’t blockchain bursting at the seams with innovative new products and platforms?
There are still a number of drawbacks with blockchain – as you would expect from any technology – but the question is, do the pros outweigh the cons? Another article by Forbes identified the five major problems with blockchain, which include slow transaction processes, environmental impact and, because of its complexity, how it can be difficult to truly appreciate the benefits of blockchain.
At a glance, there is a definite growth in blockchain investment. The annual Harvey Nash and KPMG CIO report for 2018 identified how digital leaders are five times more likely to be investing significantly in blockchain as an emerging technology compared to other technologies. However, just two per cent of IT leaders are making a ‘significant’ investment in blockchain technologies, compared to the seven per cent doing the equivalent when it comes to investment in AI.
We’d love to hear your views on what’s next for blockchain, so why not come along to our breakfast briefing where we will feature three short talks from tech-xperts innovating with the use of blockchain. Click here to register your place.