Prepare For A Multiple Blockchain World
As Featured on Forbes.com
As many CIOs dig in to their digital business transformation strategies, they may wonder whether, and where, blockchain technology fits into their platforms.
Sure, CIOs at major banks and financial services companies have already launched into frenzied adoption analysis to exploit potential savings or thwart potential disrupters. Yet CIOs across industries should understand how blockchain works, and why its limitations will spawn future distributed ledger platforms for the programmable economy.
What is the blockchain?
The primary instance of blockchain technology is found in the Bitcoin stack — measured in terms of longevity, market share and ecosystem. Bitcoin is both a digital currency (when used in lowercase, by convention) and a technology/protocol stack (when the first letter B is capitalized) that has gained a lot of visibility in mass media. While the currency has fluctuated in value and represents an infinitesimal portion of global payment activity, the technology that creates the distributed ledger — the authoritative open record of currency transactions — has captured the imagination of many in financial services and other industries, as well as the public sector.