Tech Briefing: Blockchain

The article I chose to review was titled, “14 Things Everyone Should Know about Blockchains” written by Bernard Marr.  Blockchain is a real-time ledger that consists of anything that can be recorded such as: contracts, physical assets, supply chain info, etc. What makes Blockchain unique is that not one single person controls the entire chain. Anyone who is apart of the chain can see the details of all of the records, but you are only able to edit a block if you have the private key. When someone changes a block, the entire blockchain is updated across the system in real time. This technology establishes a peer-to-peer network all within one system. Blockchain removes the costs and time of intermediaries and the complexity of issues that arise with the lifecycle of a transaction. For example, blockchain technology now allows for a stock purchase to be settled in minutes since the data can be verified through the chain. While nothing is hack proof, blockchain is said to be the most secure technology we have to date.

Out of the fourteen points in the article, the following are the ones I found to be most important. 1) Tech giants like Microsoft, IBM, and Google are investing millions of dollars into this technology. IBM has dedicated over $200 million and 1,000 of their employees to blockchain-powered products. 2) 90 percent of major North American and European banks are researching blockchain solutions. 3) 9 out of 10 financial experts agree that blockchain will disrupt the banking and financial industry. If banks were to use blockchain technology, they could save anywhere from $8 to $12 billion annually. 4) There will be jobs that become obsolete, but there will be new careers we haven’t dreamt up yet.

I think that this information is useful to IT professionals for several reasons. First off, the large tech giants are usually the ones to adopt new technologies first, then, the rest follow. If IBM has invested $200 billion into blockchain, I think other companies should begin investing as well. Secondly, I found it interesting to see that 90 percent of banks in North America and Europe are researching blockchain solutions. I think blockchain will secure the banking industry and expedite the process of loaning money. I was also intrigued by the statement that 9 out of 10 financial experts agree blockchain will disrupt the financial and banking industries. I think that these industries will adopt blockchain solutions, re-work the way they function, and hire thousands of new jobs related to blockchain.

Link: https://www.forbes.com/sites/bernardmarr/2017/09/21/14-things-everyone-should-know-about-blockchains/#54e04bf8252a

Questions:


1. Do you think blockchain’s authentication process will make bitcoin and other e-currencies more common in business practices?


2. What other industries do you think blockchain will have a big impact on?