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June 13, 2018, 12:26:42 AM |
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The distributed ledger technology, better known as blockchain, has the potential to eliminate huge amounts of record-keeping, save money and disrupt IT in ways not seen since the internet arrived.
Blockchain is poised to change IT in much the same way open-source software did a quarter of a century ago. And in the same way that Linux took more than a decade to become a cornerstone in modern application development, Blockchain will take years to become a lower cost, more efficient way to share information between open and private networks.
Because blockchain is based on a distributed, peer-to-peer topology where data can be stored globally on thousands of servers – and anyone on the network can see everyone else's entries in real-time – it's virtually impossible for one entity to gain control of or game the network.
But the hype around this seemingly new, secure electronic ledger is real. In essence, blockchain represents a new paradigm for the way information is shared and tech vendors and companies are rushing to figure out how they can use the distributed ledger technology to save time and admin costs. Numerous companies in 2017 began rolling out pilot programs and real-world projects across a variety of industries - everything from financial services to healthcare to mobile payments and even global shipping.
It's unlikely to be a wholly disruptive technology that attacks traditional business models with a lower-cost solution that overtakes other networking technology quickly.
Blockchain adoption is expected be slow and steady, as the changes it brings gain momentum.
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