Many people confuse blockchain with Bitcoin. In reality, Bitcoin is just one of the many blockchain applications.
Blockchain is an encrypted, distributed database that’s shared across multiple computers. What’s great about it is that it’s a decentralized network, with none of the traditional downsides of decentralized networks making it superior to current technologies.
Like PC, Internet or mobile, blockchain is basically a platform on top of which many applications will be born. In other words, Bitcoin, for example, is to blockchain what email was to Internet.
Because the network is decentralized, shutting down a single node would never bring down the entire network.
Any centralized database can be corrupted. Blockchain because of it’s almost impossible to corrupt.
Having thousands of computers work together means much higher potential for speed and capacity as opposed to running using few centralized servers.
“Blockchain will completely change the society as we know it. In addition, when we have smart contracts on the blockchain, it can result in organisations without management or employees, run completely by code. That is a paradigm shift and will result in new products and services unlike we have seen before.”
Blockchain is the technology shift of our time. Just like mobile revolutionized our lives and disrupted market in a short span of few years so will the blockchain.
Think about how few years ago nobody heard of mobile apps like Uber or Airbnb and how quickly they rose the the dominant position in their markets.
Compare that speed to how long it took a website like Amazon make booksellers completely obsolete in the dot-com era.
Internet adoption was faster than PC and mobile adoption app was faster than Internet. And blockchain may happen even faster than that.
“There has never been a time of greater promise, or greater peril.”
Do you record or share business data with multiple entities?
Do you have a frequent exchange of contracts with your customers or business partners that can be automated?
Do you need to know the identities of your customers or partners to meet the regulations (e.g. know your customer, anti-money laundering)