Industry experts believe blockchain is a technology that has the potential to affect the business of most IT professionals in the next five years. Analyst Gartner has forecast that by 2023, blockchain will support the global movement and tracking of $2tn of goods and services.
It is regarded by many industry watchers as a disrupting force in the financial world. A PwC global financial technology (fintech) survey found that 56% of respondents recognise the importance of blockchain. At the same time, however, 57% admit to being unsure about or unlikely to respond to this trend.
Blockchain is effectively a shared ledger between a group of people – for example, a group of companies that work together to produce a service or product. What makes blockchain different is the fact that the history of the changes – past transactions, for example – are immutable.
Today, it is very much an exploration of what is possible. As with any technology, over time blockchain will become more refined and mature, and no doubt privacy capable and expandable as needed.
It is regarded by many industry watchers as a disrupting force in the financial world. It is regarded by many industry watchers as a disrupting force.