The interest and energy in blockchain is
becoming more apparent as key companies
are exploring ways to make it work.
Remember back in the 2000s, when cloud computing was dangerous, confusing and
intriguing — but not really ready to catch on in a big way? That is where blockchain is
today.
So, where will blockchain be in a decade or so? If the technology follows cloud’s growth
path, blockchain will be on everyone’s agenda, in practically every company’s IT infra-
structure. Projections call for 83 percent of enterprise workloads to be in the cloud by
2020 – with half of those workloads running on public cloud platforms. Few expect
blockchain to be that ubiquitous. Many believe it could take off, but as of now, block-
chain’s usage is minimal and forecasts for its adoption are guesses at best.
Why has blockchain not gained more traction? What needs to happen to get this tech-
nology involved in the conversation? And, will blockchain eventually go mainstream?
The answers to these questions could have profound effects not just on our economy,
but on our way of life. Blockchain has the potential to be a transformational technology.
It could also be a dud. At the moment, good arguments are being made in favor of both
outcomes.
Defining Blockchain
Before we dig any deeper, what exactly is blockchain? Here is what it is not. Mention
blockchain and most people immediately think it is synonymous with bitcoin, the contro-
versial cryptocurrency that a few million users trade, on a peer-to-peer network, without
help from a central bank or administrator. There is a link between bitcoin and block-
chain, but they are not synonymous. Bitcoin needs a platform such as blockchain to
operate, but blockchain platforms can drive many applications other than
cryptocurrencies.
Blockchain, in short, is a unique mechanism to move and track records. It is a digital led-
ger that a peer network participates in, without a central authority. Transactions are
marked by timestamps, creating transparency in the process. Because records cannot
be altered without affecting subsequent blocks, the process is considered secure by
design.
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