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Opinions expressed on this blog reflect the writer’s views and not the position of the Capgemini Group

TechnoVision preview: New Chain on the Block

Category : Innovation

Excellent connections create excellent results. What if getting connected and doing transactions in an ultra-safe, transparent, and effortless way comes to you as a fully automated platform capability? Well, there’s a new kid in town, and it seems she’s here to stay. The Blockchain is the most striking example of a next generation platform that acts as a public ledger for open, collaborative transactions. Originally the foundation for Bitcoin, it now provides generic connection capabilities that speed up transactions, cut out the middleman, and provide full transparency while ensuring data integrity, privacy, and security. Seems we’re in the middle of a chain reaction!

What

- Blockchain was introduced as part of the underlying technology for Bitcoin; it acts as a public ledger for transactions while keeping the users anonymous. It uses distributed computing to maintain data integrity.
- The Blockchain ensures that all transactions are public yet anonymous while maintaining an open audit trail. It has no single point of failure.
- It is still an emerging technology but it has high potential for use in business areas such as payments, recording transactions, and strengthening trust, which quickly places it beyond the pioneering areas of FinTech and digital commerce.
- It’s a rapidly emerging development platform, even in an “as-a-service” formula.

Use

- Nasdaq has joined Visa and Citibank to invest $30M in Chain Core, a Blockchain developer platform aiming to develop next generation financial services
- BigchainDB enables artists to declare their authorship, define licensing, and transfer rights for free, while preserving provenance of the work; content creators can manage and track usage of their works globally, so that they can be properly compensated
- The TransActive Grid allows residents to transfer or sell excess stored renewable energy to your neighbors automatically; it’s only one example of many Ethereum use cases

Impact

- Improved value chain efficiency, through cutting out the middleman for trust and building on an open, secure platform for collaborative transactions.
- Increased data security, privacy and auditability, all crucial with data protection regulations such as GDPR becoming tighter every day in a world turning digital.
- Disrupting the way businesses exchange value and assets, enforce contracts and share data across industries, potentially opening op entirely new business models.

Tech

Collaboration innovation consortia
HyperLedger, Ethereum Foundation, R3,

Blockchain platforms
BlockChain, Chain Core, Abra, IBM Blockchain on BlueMix, BigchainDB, Microsoft Azure Blockchain as-a-service

Blockchain app development platforms
Ethereum, Emercoin digital currency and blockchain service platform

 

Contributing expert: Kim Smith
Here's the full overview

About the author

Ron Tolido

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