Blockchain technology is one of the main new changes to have hit the IT industry over the last few years. A blockchain is a type of dispersed record that’s impossible for people to hack. Instead of just relying on one database, a blockchain is spread between different people in a similar way to how bit torrents work. Once data is written to a blockchain, it’s stored there forever. It effectively makes it a trustworthy, hack proof way to store interoperable data.
At the beginning of 2018 Blockchain was predicted to be one of the biggest IT trends of 2018, so what has blockchain delivered to businesses?
From trial to production
Blockchains are appearing in trial projects everywhere. As these trials, successes and proof-of-concepts mature many will advance towards production systems. This process will be part of a needed shakeout to help enterprise technology leaders determine which blockchain uses truly add value and which are just hype.
Incorporation of smart contracts into traditional business
There’s a wide range of industries that could utilize smart contracts – finance, healthcare, logistics, and many others. It implies the elimination of third parties and bringing more transparency to the process. Blockchain allows businesses to track all the data whenever they need and keep it under control, minimizing the likelihood of fraud. Another significant advantage is speed. As opposed to traditional contracts, smart contracts allow conducting all the operations in a split second, with no third parties involved. All in all, this enhances the efficiency of making transactions and closing deals.
Blockchain With IoT
Blockchain will also lend itself nicely to the Internet of Things (IoT). The concept of distributing trust to a peer-to-peer network is and will continue to be essential in the world of IoT, this means creating an edge economy that allows apps to run anywhere. It also means, moving applications that run in data centres, where there is a single owner of all the infrastructure that provides the app developer with its entire virtual environment, to places where infrastructure is not owned by a single party but the services and data exchanges must be trusted and not spoofed.
Blockchain influencing social media
Blockchain technology is influencing the spread of fake content across social media. Today’s social media networks get flooded with everything from fake news to spam bots. In the social media networks of the future, the content distribution will be based on verified information and the traceable spread of data. The ability to block content and its contributors is an enticing option for brand builders.
From 11% last year to 26% this year: the frequency with which blockchains were named by companies as a significant technology trend has seen stark growth. Blockchains enable secure transactions without a central trusted entity; financial transactions can already be processed in this way today.