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BLOCKCHAIN TECHNOLOGY THE BEST SECURITY FOR BUSINESS? by Vikki Jones
What is Blockchain Technology? ‘Blockchain is, quite simply, a digital, decentralized ledger that keeps a record of all transactions that take place across a peer-to-peer network.’ - Pwc
Blockchain Technology is resistant to modification. Blockchain technology is the heart behind Bitcoin that protects and secures consumer data. Unlike data stored within a standard database, this data cannot be copied, deleted, or corrupted. Digitally stored information is not safe in the world today, but blockchain has the chance to change that. The technology “is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The ledger itself can also be programmed to trigger transactions automatically (Iansiti & Lakhani, 2017).”
At the Economists’ 2019 Innovation Summit, Julie Sweet and Vijay Vaitheeswaran discussed blockchain relevancy in our economy and business transactions. Although continuing to gain popularity in the market, blockchain technology education and implementation often remain elusive for many professionals. Major corporations are only beginning to venture into blockchain territory. Walmart, for example, plans to begin its efforts to adopt blockchain in starting in September 2019 (Miller, 2018). Iansiti and Lakhani indicate that on a nationwide scale, “blockchain could slash the cost of transactions and reshape the economy (2017).”
