This in an excerpt from this book
The internet has a short history when compared to the time that we have had life on earth. But in this very short period of time, it has taken mankind by a storm. There have been several transformation on the way we transact, and communicate since the time internet was developed. The manner in which we maintain a record of transactions and contracts create the basics of our economic, legal and political system. These instruments help us in protecting our assets and setting organizational boundaries. The record of every transaction or contract helps in the establishment and verification of identities as well as in chronicling events. They oversee the interactions between nations, organizations, communities and individuals.
This explains that they are extremely critical tools and they must be managed very effectively and in a highly robust manner to ensure that no one tampers with these records. We have not been able to keep up with technology in the management of these records. And at this time, while most of the companies are looking for processes and methods and some have even established certain tools that can govern the management of such records; but for most part of it, these records are still limited when it comes to their security and management. In a world that is undergoing digital transformation, the way in which we regulate and maintain administrative control requires transformation too.
This is where Blockchain can help. The technology comes with a lot of promise and it surely has the ability to solve a number of underlying problems when it comes to the proper administration of transactions and contracts. Blockchain is built into the core of Bitcoin and is currently used by a number of other cryptocurrencies as well.
The manner in which Blockchain works makes the technology more viable for keeping a record of the transactions and contracts. While the technology is still in its nascent stages, the idea behind it is a powerful one and has found many supporters.
Big companies around the world are trying to explore the use of Blockchain and to benefit from what it offers. The financial industry is not the only one that finds Blockchain to be an interesting technology, other industries are also finding ways to benefit from this technology.
Its transparency is the biggest reason why people find it to be suitable for the digital world. The fact that Blockchain cannot be easily tampered with makes it more alluring. Keeping in mind that every transaction made in today’s world comes at a cost, the technology can help in the overall reduction of costs. This makes the technology all the more promising for companies who are continually looking for ways in which they can reduce overall costs of the business.
This said, a lot of what Blockchain offers is yet to be completely harnessed and utilized. Most companies are still in the process of finding ways in which the technology can be used, but its acceptance is not universal for now.
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