As if the pace of technological change isn’t fast enough, looming around the bend is a next-generation advancement that will change the way in which business transactions are conducted. It’s called blockchain technology and now is the time to consider its impact to your business.
Blockchain is a peer-to-peer transaction-ledger system, shared by parties participating in a collective network that enables the decentralized tracking and trading of anything of value — whether money, titles, business records, personal records, goods, or other assets. Blockchain facilitates movement and storage of assets securely and privately. Advocates claim that blockchain will improve business processes by increasing transparency, trust, integrity, and efficiency between unknown users and will minimize fraudulent actions.
The implications of blockchain are immense. According to a Nov. 7, 2016 New York Times commentary, “How Blockchain Will Change Your Life,” nearly 80% of banks are working on blockchain projects that will revolutionize the holding and transferring of financial assets. However, blockchain is much more than just a financial technology. It will have significant impacts in health care, insurance, manufacturing, and retail settings, as well.
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