IT is the industry that blockchain will impact the most as blockchain is a tamper-proof, shared digital ledger that records transactions in a public or private peer-to-peer network. Since all assets are embedded in digital code and stored in transparent, distributed databases, everything will change, from the way we store data to the way we encrypt our files.
Business leaders who are able to grasp the opportunities of this technology in applications as diverse as supply chain and customs to food safety and customer engagement are poised to unlock future growth in their business ventures, both current or planned. Also, every transaction has a unique digital signature that is identified and validated by the entire network, protecting them from deletion, tampering, and revision, therefore, transactions involving the transfer of assets – such as goods, money, patents, contracts or just about anything that holds value – are traditionally tracked in ledgers. These ledgers, however, are inefficient, costly and non-transparent. Moreover, they are trust-based, making them sensitive to fraud and misuse – which is why we rely on 3rd parties such as banks, government bodies, auditors, certifiers, inspectors and others to verify them. But with the incorporation of Blockchain’s new form of data sharing and asset transfer protocols, it has the potential to eliminate intermediaries and central third parties.
Blockchain itself is a part of the IT industry and so with more and more adoption of Blockchain, IT industry will also evolve as we start to grasp the opportunities acclaimed as one of the most transformational technologies of our time, it is next to certain that blockchain will affect your business in some way.
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