Blockchain, whose origins are blended (and often blurred) with the cryptocurrency Bitcoin, is a disruptive technology with the potential to transform how goods and services are exchanged over the internet.
Blockchain allows complex transactions to be carried out transparently and securely, on a distributed interaction model that ousts multiple established intermediaries, eradicating the control held by central authorities in traditional methods of digital transaction.
How will blockchain be useful to companies? Blockchain improves efficiency, fosters transparency and cuts on costs. It increases security and data visibility. And we must not forget an intangible of extreme importance: it creates trust, as it reduces the perception of uncertainty and risk.As an emerging technology, blockchain also has many challenges to face; including interoperability, standardisation and scalability (for public blockchains), as well as the need for regulation and legal frameworks for implementation. Once these obstacles have been overcome, blockchain experiences will become faster, less uncertain and accessible to larger portion of the population.