Blockchain will be “as transformative as the internet”

Almost 9 in 10 technology professionals believe blockchain technology will be as transformative for business as the internet has been for business over the past few decades, according to a recent survey.

Cost reductions, greater data security and protection against cyber threats are the most often touted benefits of blockchain technology, according to blockchain’s adherents, but despite a flood of funding into blockchain projects, most are still in their infancy.

That being said its transformative predictions are bold enough for the recent launch of a specialist blockchain ETF, investing in large companies either actively using, investing in, developing, or have products that are poised to benefit from blockchain technology and/or the potential for increased efficiency that it provides to various business processes.

This includes giant tech firms such as Micron Technology, Alibaba, Nvidia, Taiwan Semiconductors , Accenture and Baidu.

The new research from Intrinsic Insights - commissioned by BTL Group - consisted of a sample of 279 IT professionals in the UK and US, including 180 C-level IT specialists.

 “In a world of increasing concerns over the security and integrity of our data, individuals and businesses are realising the inherent benefits that applications built on blockchain technology can provide when keeping people’s data private,” said Dominic McCann, CEO of BTL Group.

“This research also illustrates just how many businesses are looking at using blockchain and of those that are yet to explore it, there is a significant proportion looking to do so in the next two years.”

What is blockchain? It’s a type of ‘decentralised’ database – often also called a distributed ledger – meaning it keeps records continuously updated digitally. For example records of who owns a particular asset.  This can help build trust and improve efficiency, particularly in recordkeeping, payment processing and inventory management.

It works by facilitating a network of computers updated with a type of shared spreadsheet that no one person can change without the agreement of the others.

The blockchain aspect is that this ultimately comprised of unchangeable, digitally recorded data in packages called “blocks.” These digitally recorded blocks of data are stored in a linear “chain”. Each block in the chain contains data that is cryptographically connected to the previous-block in the chain. This means that all data in the overall “blockchain” – so the experts say - has not been tampered with.

The entire chain is continually updated so that every ledger in the network is the same, giving each member the ability to prove who owns what at any given time. Simple.