Understanding the ABC of Blockchain

Photo: CNBC

LONDON: Blockchain or Distributed Ledger Technology (DLT) is a relatively new technology, which has become famous due to the rise of virtual currency bitcoin. 

First created in 2008, the blockchain technology is seen by many as the next frontier for innovation.

At the heart of Blockchain technology is decentralisation. Data is shared between distributed network of computers with no central authority or middleman.

Once data recorded in the blockchain, it is almost impossible to temper with.

The blockchain technology is predicted to disrupt many industries

Consulting firm Ernst and Young is making a digital wallet available to all its Swiss employees.

IBM announced in March 2017 that it will be building its own ‘blockchain as a service’ offering based on Hyperledger.

London Stock Exchange has revealed it is looking into blockchain to improve transparency for shareholding information among unlisted businesses.

The technology is set to transform intellectual property. Online content such as novels and musical compositions can be copyrighted as soon as the owner creates them.

The technology is also predicted to disrupt traditional audit and accounting practices.

Blockchain technology will also be key to for the automation and intelligent industries, in terms of data security and trust.

The more obvious industries such as banking and remittances are already seeing the use of blockchain technology.