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Blockchain has the potential to revolutionise payments by making them faster, cheaper and safer. Essentially, blockchain is a list of transaction records, called blocks which are continuously growing. Each block contains a cryptographic hash of the previous block, a bit like DNA, a timestamp, and transaction data. By design, a blockchain is resistant to modification, making it very secure. It therefore allows companies and public institutions to work more efficiently – and enables safer digital microservices.
We are at the very early stages – but organisations are already actively experimenting, and firms are still evaluating the technology and developing application scenarios. So, how are organisations making use of blockchain?
One example is the German KfW Development Bank. It is actively exploring how to use blockchain for financial resources in African countries, as the technology can provide full visibility and traceability of their resources, providing more security for these processes.
The public sector is also experimenting with its use at different levels. For example, the US Department of Homeland Security is using blockchain in relation to advanced analytics allowing it to quickly resolve identity issues and therefore protect national security. The Registry Authority in Sweden uses blockchain and smart contract technology for a property purchase system. Keeping track of who owns what pieces of land can be difficult, but, putting transactions about the sale of land on blockchain makes all the difficult paper work go away; and makes it much more difficult, almost impossible in fact, to forge records.
It is therefore evident that blockchain is far more than just the technology to enable Bitcoin. It can be the gateway to safer and leaner processes in every industry.
The blockchain landscape is changing very fast and regulators are also beginning to take notice. This is of course a fundamental requirement if blockchain technology should be the backbone of digital services used every day by customers and citizens. Fast deployment and implementation times can be guaranteed if legal certainty is provided by a transparent framework of rules for companies and institutions alike.
Blockchain innovations will enable enterprise capabilities never before seen – and will create use cases and growth markets for every company, underpinned by digital economy. Let’s benefit from the hype and create awareness for unique technologies like blockchain.
