Quite literally, blockchain is changing the way we do business.
If you think of a traditional database, like a spreadsheet, blockchain distributes that so it runs on millions of computers. It also uses state of the art cryptography. So, once information goes in, it is virtually impossible to get it out again without the original pass-code.
It’s revolutionizing real estate, healthcare, and even voting for example.
In fact, the technology continues to grow in popularity as multiple industries find new uses for it.
In a report from Deloitte titled, “2018 Global Blockchain Survey,” the group highlights trends worth watching.
No. 1 – Enterprises are Putting More Resources Behind it
Traditional enterprises are putting more resources behind blockchain than they had been, in an effort to achieve greater efficiency and to develop new business models and revenue sources, says the report. That means the technology is gaining wider acceptance and confidence.
“As more organizations put their human and financial resources behind blockchain and come to better realize how it can improve their business processes and their bottom lines, we expect the technology to gain significant traction, as its cost savings, competitive advantages, and ROI benefits become more pronounced.”
No. 2 – Blockchain Applications are on the Rise
While the tech is finding relevance in multiple industries, there’s still an argument it is not realizing its full potential.
“Blockchain is at an inflection point, with momentum shifting from “blockchain tourism” and exploration of the technology’s potential to the building of practical business applications. This is particularly true among “digital enterprise” organizations, rather than in more traditional enterprises that are still working on how to incorporate digital into their existing operations and protocols,” notes the report.
No. 3 – It Plays a Big Role in Cybersecurity
The reason behind the tech’s creation was to ensure the security of transactions. So it shouldn’t come as a shock that this is part of the reason for its adoption.
According to Forbes, “Typically, once data is stored on the blockchain it cannot be manipulated or changed – it is immutable. This is because of the architectural nature of blockchain structures where every block has a specific summary of the previous block in the form of a secure hash value. Since these blocks are structured in the form of a ‘chain’ sequence, the timing, order and content of transactions cannot be manipulated. Also, these blocks cannot be replaced unless all the ‘nodes’ achieve consensus or agree with the proposed change.”