No recent management article is complete without a mention of the benefits of blockchain that is going to change the field of secure and transparent transactions around the world.
TCP/IP and the Internet added great economic value to society by lowering the cost of connections ..
Block chains are going to add great economic value to society by lowering the cost of transactions
- Prof. Marco Iansiti and Prof. Karim Lakhani, The truth about Blockchain, HBR Jan'17,
Everybody who is somebody tries to talk about Blockchain, but when probed deep, nobody knows much regarding Blockchain other than what it can do or what is its potential and how it can change the world of transactions for ever.
Like the Internet as a foundational technology, changed the landscape of connections around the world forever starting with the DARPA Labs experiment in 1973 connecting DARPA labs to major academic institutions across the US, Blockchain too is giving all promise and has the potential to be a foundational technology which would change the way humans transact forever. As different from disruptive and innovative technologies, these foundational technologies hold the promise of changing the foundations of our economic and social systems, of understanding of how to carry out safe and secure connections, communications and transactions.
What is a Blockchain ?
If we could digitally use this signature of different processes and transactions, it becomes easy to transact and store them for future validation. By doing so, we are indeed building one of the world's most trusted and secure transactions processing system.
For an interesting video on blockchain , click here ..
Like the Internet as a foundational technology, changed the landscape of connections around the world forever starting with the DARPA Labs experiment in 1973 connecting DARPA labs to major academic institutions across the US, Blockchain too is giving all promise and has the potential to be a foundational technology which would change the way humans transact forever. As different from disruptive and innovative technologies, these foundational technologies hold the promise of changing the foundations of our economic and social systems, of understanding of how to carry out safe and secure connections, communications and transactions.
What is a Blockchain ?
A blockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a blockchain is resistant to modification of the data.- WikipediaIn this world we come across lot of daily transactions, carry out different processes, make numerous payments, sign contracts and so on. When digitised all these processes and steps carry their own digital signature.
If we could digitally use this signature of different processes and transactions, it becomes easy to transact and store them for future validation. By doing so, we are indeed building one of the world's most trusted and secure transactions processing system.
For an interesting video on blockchain , click here ..
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