New Chain on the Block

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 quickly 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 the 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 neighbor automatically. It’s only one example of many Ethereum use cases.

 

Impact:

  • Improved value chain efficiency by 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 the digital world
  • Disrupting the way businesses exchange value and assets, enforce contracts, and share data across industries, potentially opening op entirely new business models

 

Tech:

Associated experts