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Blockchain

The Blockchains are coming! The Blockchains are coming! The Blockchains are coming!!!

So, Bitcoins may or may not make it, but Blockchain, the technology behind Bitcoins is here to stay.  It is being adopted by the financial industry in Europe, Asia and the United States.  Blockchain is expected to be ‘the ledger of the IoT (Internet of Things), as well as a transnational database for both public and private use.

 

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We are investing time and money into both educating our staff at Innovativ IT, as well as our customers and even partners to some degree.  Below is an excerpt from the Economist, that speaks volumes to the value and viability of Blockchain:

 

One idea, for example, is to make cheap, tamper-proof public databases—land registries, say, (Honduras and Greece are interested); or registers of the ownership of luxury goods or works of art. Documents can be notarised by embedding information about them into a public blockchain—and you will no longer need a notary to vouch for them. Financial-services firms are contemplating using blockchains as a record of who owns what instead of
having a series of internal ledgers. A trusted private ledger removes the need for reconciling each transaction with a counterparty, it is fast and it minimises errors. Santander reckons that it could save banks up to $20 billion a year by 2022. Twenty-five banks have just joined a blockchain startup, called R3 CEV, to develop common standards, and NASDAQ is about to start using the technology to record trading in securities of private companies.
 ”   http://www.economist.com/news/leaders/21677198-technology-behind-bitcoin-could-transform-how-economy-works-trust-machine

 

 

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