We thought we would take a little break from IT support and Managed Services and roll in on one of the most talked about technologies over the past few years, blockchain. When you mention blockchain it cryptocurrencies namely Bitcoin and Ethereum comes to mind. But blockchain is more than just Bitcoin and other cryptocurrencies as it will totally change the way that you do business.
So, what exactly is blockchain?
Well IBM state “A blockchain, as the name implies, is a chain of digital “blocks” that contain records of transactions. Each block is connected to all the blocks before and after it. This makes it difficult to tamper with a single record because a hacker would need to change the block containing that record as well as those linked to it to avoid detection. This alone might not seem like much of a deterrence, but blockchain has some other inherent characteristics that provide additional means of security.”
How can Blockchain change the way you do business?
Bitcoin was the first blockchain application that allows a network of users perform transactions without requiring the trust of anyone on the network or a third party. As everything is encrypted, if anyone tampers with the blockchain it will be immediately noticed. The encryption and trust parts of bitcoin are what make blockchain essential for your business as it offers you a secure way to store data or process payments.
Blockchain allows you to break up data into little pieces (like a jigsaw), and encrypt the data so that only you have access to it. These little pieces can be stored all over the world in a similar way to torrents, which means you are not relying on one storage space. You can also save a cryptographic signature of a document or file on a blockchain, which will allow you to ensure that any file has not been changed/edited and you won’t have to save the entire document or file on the blockchain.
If you want to make sure that certain transactions happen once certain conditions are met blockchain allows you to do this with smart contracts. For example, if you are sharing business contracts or accounts with a client, smart contracts will allow you to share documents that are read only and can only be viewed online, thus ensuring that no changes can be made to the documents and that they also can’t be leaked.
Blockchain is just starting to take off, and it will be a couple of years before its becomes as ubiquitous as the cloud. Every day more and more applications are being made for blockchain and more and more businesses are starting to use it. So isn’t it time you jumped on the band wagon?
iPing provides managed services and IT services and we can help provide you with an overview of what blockchain can do for you. So, if you need some help with the above please contact us or give us a call on 01 5241350.