Blockchain technology has peaked interest in recent times with the rapid proliferation of crypto-currencies during the Bitcoin boom. The technology however has many more applications and some exciting ones for business.
Blockchain in very simple terms is a decentralized database made up of a network of nodes (or computers). Every time a transaction is made on the network, one node will verify the transaction, which will then need to be approved by all the other nodes before being entered as a verified record across all the nodes – hence the term ‘distributed ledger’.
While digital currencies such as BitCoin and Ethereum are natural applications of the technology, some of the more exciting uses for blockchain lay in areas such as smart contracts, cloud storage, cybersecurity, supply chain, payroll, electronic voting, etc.
More and more businesses are becoming aware of the possibilities of blockchain and what it can do to reduce costs, duplication and wastage and increase efficiency, security and productivity.