Beyond Bitcoin—Blockchain Is Coming to Disrupt Your Industry: Weekend Reading
Blockchain technology can potentially make a great many things more secure and accountable: financial transactions, micropayments, IoT applications, health records, corporate audits and more. Companies looking at digital technologies as enablers of competitive advantage and disruption innovation—technologies such as social, mobile, analytics, cloud, and cognitive technologies—should not overlook blockchain, says a report from Deloitte University Press. In the following excerpt, report authors David Schatsky, senior manager, Strategy, Brand and Innovation, Deloitte LLP, and Craig Muraskin, managing director, Innovation, Deloitte LLP, discuss blockchain basics and applications and why it is likely that over time many industries will feel its impact.
Blockchain, the “distributed ledger” technology that underpins bitcoin, has emerged as an object of intense interest in the financial services industry and beyond. Blockchain technology offers a way of recording transactions or any digital interaction in a way that is designed to be secure, transparent, highly resistant to outages, auditable, and efficient; as such, it carries the possibility of disrupting