“I would get hooked and never spend time with my family again”
“I have no desire to be part of it, I don’t want more”
“Is this just another pie in the sky?”
“It’s a growing grid of interconnecting computers”
“This could turn out to be an elite’s system”
“It is the new big thing”
The above quotes could very well refer to blockchain, however it is not the case. I have snapped these quotes from clips on Youtube of news broadcast from the early ’90 where people were discussing internet and how they envision internet. Nowadays you can hardly think of life without internet, when you’re ordering an uber (ehhh taxi), when checking the weather forecast, while waiting on the train, booking a hotel, checking in at work, ordering a coffee, internet is everywhere.
Another New big thing
Now (I believe that) there is another “new big thing” called blockchain and you could say “I have no desire to be part of it, I don’t want it”, but what if Blockchain would have the same impact on daily life in 10-20 years from now, like internet had on us the past 20 years? Doesn’t that just make you a bit curious? Just a bit?
So then, what is it?
A Blockchain is a growing list of records, which are linked and secured, kept in an open distributed ledger, via a peer-to-peer network, whereas the network is inherently resistant to modify data once verified.
What can Blockchain be used for?
I almost hear you thinking: “so what’s in it for me?”. Well I suppose we all know the first blockchain network that was created for a crypto currency called Bitcoin. In this specific case, the blockchain technology is basically used to keep track of all bitcoin currency transactions. The following image explains how this works (a bit simplified, I admit):
But there are many more ways blockchain can facilitate transactions; if a chain of transactions meets the following criteria, it could fit in a blockchain:
- Verification and transparency are important
- Many users in the chain
- Many transactions in the chain
- Desire to take out a central party (that currently slows down the process or makes it expensive)
In our next blockblog, we shall explore these points in more detail and provide examples of potential areas where blockchain could facilitate processes. You will then be convinced that the food industry, retail, banking and even jewellers will face this disruption in the years to come.
For now, if you want to understand blockchain better in a fun way, please check our website. We have developed a game called the blockchain challenge where a group of people have 2-3 hours of fun while learning the essence of blockchain. We are happy to organize this in your company.