London is currently the second most active city in the world for blockchain development programs with 914 projects in development recorded in 2018, three times more than its nearest European rival Paris at 288. Investments into UK-based blockchain companies continue to increase rising from $50 million in Q3 of 2016 to $150m by Q2 of 2018. More importantly, the UK’s Financial Conduct Authority (FCA) ground breaking regulatory sandbox is now recognized across the globe for its innovative regulation of blockchain business and applications.
Blockchain is now demonstrating real operation potential in its potential to solve business problems. Recent examples include Walmart, launching its new blockchain-based supply chain and crypto currency in 2019, Amazon launching its new AWS Blockchain-based managed service and Shell Oil partnering with London’s Applied blockchain, launching its first-ever blockchain-based commodity trading platform in Dec 2018.
So why is Blockchain attracting so much excitement in 2019? Below lists a few areas that your business can adopt blockchains to be benefit your business right now:
Cloud Storage If you run a business, chances are you reply on all company data to be stored in the cloud. Blockchains are playing a massive role in decentralizing cloud storage because they allow strangers to collaborate with each other. Instead of storing files on a single centralized server, you’ll be able to save your files on thousands of devices across the globe.
Huge cost saving for all industries: Maintaining multiple copies of the ledger across every node in the network means that the blockchain is better able to withstand attack. Even if one node was compromised by an attack, the blockchain would be maintained by every other node. In theory, this means that an attacker would need to take control of every node simultaneously in order to corrupt the ledger.
Increasing Security and Resilience. Maintaining multiple copies of the ledger across every node in the network means that the blockchain is better able to withstand attack. Even if one node was compromised by an attack, the blockchain would be maintained by every other node. In theory, this means that an attacker would need to take control of every node simultaneously in order to corrupt the ledger. This is not the case for a traditional ledger where an attack on a single trusted third party could bring down the record of transactions.
Immutability and Unchangeable. This is seen as vital key benefits of blockchain technology. As changes to the public ledger are seen and verified by all the nodes simultaneously across multiple ledgers the transactions cannot easily be altered or deleted.
Privacy and User anonymity. Buyers and sellers use anonymous and unique address numbers to process the transaction. Whilst this has been criticised for giving rise to the use of cryptocurrencies in illegal online marketplaces such as Silk Road, it could be seen as an advantage if used for other purposes, for example, electoral voting systems.
Recruiting talent. Blockchains provides an opportunity for faster, cheaper and trusted, where you don’t have to trust another human being for authenticity, reference checks. Each person would have a trail of feedback which would be accumulated over the course of their career by past employers. This hugely benefit new employers seeking to quickly review this trail and decide whether this person would be the right match for the job.
Smart Contracts. Using blockchain technology, many of these contracts can be converted into Smart Contracts. Unlike conventional contracts, smart contracts consist of software code and are executed by the blockchain network. The beauty of these smart contracts is that they cannot be modified after they are deployed, which ensures neither party in a deal can walk away without doing their part.
We are only just scraping the surface of the potential of blockchain but the possibilities are endless.
|Let’s Learn Digital will be exploring the future potential of blockchain technology in their next 1 Day Blockchain Core Concepts Masterclass taking place in London on Friday, 27th September.|