- A de-centralised ledger verified by a network of computers all over the world, Blockchain is driving a change in business strategy and consumer behaviour by facilitating innovations such as smart contacts and other peer-to-peer transactions.
- Consumers have also been given ways to get in on the act, with the growth of organisations such as the Ethereum public blockchain offering a portal for anyone with an internet connection to set up smart contracts.
- The rise of Blockchain has sparked fears it could replace aspects of utility companies’ business, by enabling trends such as peer-to-peer energy trading, given that technology reduces the necessity for intermediary organisations.
- As with any budding technology however, the reality is that Blockchain is only now emerging from its infancy and challenges plague businesses as they attempt to use it, such as scalability and cost.
- It’s important that organisations at least understand the trends and potential applications of the technology, to ensure their systems are compatible with digital innovations, not necessarily a small task with a revolutionary platform such as Blockchain.
Some have heralded it as the next iteration of a cashless society, a system with the potential to revolutionise archaic methods of transferring money, wh…
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