Many people have heard about Bitcoin and Blockchain, but Blockchain is far more than a backbone for Bitcoin and other Cryptocurrencies.
Tech business influencers such as Bill Gates and Richard Branson are known to be Blockchain enthusiast.
What is Blockchain?
Most of us use ‘a trusted middleman’ to make financial transactions, such as a banking institution or online third-party payment service. Blockchain allows consumers and suppliers to connect directly and make peer-to-peer transactions, removing the need for a financial ‘middleman’. Using cryptography to keep exchanges secure, Blockchain provides a decentralized database, or ‘digital ledger’. The Blockchain is actually chain of computers, all of which are required to approve an exchange before it can be verified, recorded and completed.
Why is Blockchain so revolutionary?
The internet is a network used to store, send and receive information. Blockchain does the same for value. Blockchain can work for almost every type of transaction involving value, including money, contracts, goods and property. And its potential uses are almost limitless, from collecting taxes to enabling people without a bank accounts to send and receive money (for a variety of reasons, more than 2 Billion people around the world today are without a bank account).
Blockchain could also help to reduce fraud because every transaction is recorded and distributed on a public ledger for anyone to see.
Who is Blockchain for?
There is no doubt that Blockchain will go mainstream; nothing can stop it. The world experienced a similar technological leap in the 1990’s, with the emergence of the internet. Sceptics at the time claimed that the internet would never catch on. Today, we barely give the internet a thought; it’s just there, facilitating almost everything we do in our day-to-day lives.
Blockchain is predicted to be an even bigger technological leap, with implications for every business and individual on the planet.
A survey by the World Economic Forum’s Global Agenda Council suggests that the Blockchain’s influence will increase rapidly, as banks and tech firms see this emerging technology as a crucial part of their growth and success.
True Advantage Consulting is pleased to be able to offer its clients a bespoke Blockchain consulting service. Our close association with Blockchain and Cryptocurrencies means that our consultants are positioned to provide best advice on how this rising technology could affect our clients’ organisations and day-to-day operations. Contact Us today to find out more about how Blockchain will impact on your business.
Making the Digital Revolution yours,
True Advantage Consulting
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