Realizing Potential On Blockchain And Its Usability In The Organisation

Blockchain is an open source software application which provides disruptive technologies and enhanced functionalities that allow digital information to be distributed – but not copied – between unknown parties. It is a technology that created the backbone of a new type of internet, originally devised with decentralised ledger, cryptography and consensus to solve major concerns such as centralised control, mid-layer stage gates, reconciliation etc.

Leveraging a universal peer-to-peer network to assure transparent veracity of value exchanged between parties, Blockchain seems likely to benefit several significant businesses that rely upon third parties. It could even prove to be a wider force for decentralisation, transparency and integrity in these businesses – leading to extensive transformation in supply chain and finance as well as typical product companies and telcos. But ultimately, the extent to which the potential of this new technology is realised substantially depends on how well investors and innovators influence its growth and development.