Ask Google, right? That’s where we go to learn about the latest hot topic. Take our word for it, blockchain is hot! Over the past year, Google search requests including the keyword “blockchain” have increased by 250 percent. It’s been discussed from the floor of the U.S. Senate to the board room tables at businesses throughout the world. So, what’s all the talk about? What is blockchain and how will your business benefit from it?
Blockchain is the first technology enabling the transfer of digital data in a decentralized and trustless manner. By allowing digital information to be distributed but not copied, blockchain technology has created a new – and more secure – era for transaction-based activity on the internet. Originally devised as the heart of digital currency, the tech community is now finding other potential uses for the technology.
Prior to blockchain’s arrival, there was no way to secure and validate ownership of a digital asset or verify a transaction in a trustless, public manner. It’s an append-only transaction ledger that is consensus-driven. Simply put, by storing blocks of information that are identical across its network, the blockchain cannot be controlled by any single entity and has no single point of failure. An information record, that is stored on a public network (so with no value as a target for hackers), can be added to, but the previous “blocks” of information cannot be edited or deleted.
This is accomplished by a process that encrypts and links information, then shares with all the computers on the network. The process also decentralizes the encryption across the network. The result is the a much more secure chain of information.
Who will benefit? Most any business, and consumer, relying on online transactions and/or transfers of sensitive data, are sure to benefit as blockchain technology grows in usage. The most immediate benefits are being realized by businesses that:
- Are transaction-based
- Benefit from public scrutiny
- Benefit from non-editable file history
- Depend on end-user or customer trust in data management
Does that describe your business? Are you and your team taking advantage of the advancements in digital technology that will keep your data safe and, ultimately, your customers happy? If your business includes online transactions of any kind, making sure you’re implementing the newest standards and protocols is critical. At GMS we love working with our clients to ensure their online tools are as technically effective as they can be, while also achieving their marketing goals. We’d love to talk to you about how. Get in touch to start the conversation.