Invented by Satoshi Nakamoto in 2008 for use in the cryptocurrency bitcoin, blockchain enabled first digital currency without the need of a trusted central authority and has since inspired many other applications and has emerged as a major area of focus for entrepreneurs. According to Patrick M. Byrne, “The main event isn’t bitcoin. It’s using blockchain to disrupt other industries and Wall Street”.
So what exactly is blockchain and what kind of potential it holds? Blockchain refers to continuously growing list of records called blocks that are linked and secured using cryptography and each block contains timestamp and transaction data that cannot be modified. So the transaction details are permanent and unalterable. This removes the need for verification by independent third party and a blockchain can be managed by peer to peer network.
Blockchain technologies enable confident transactions and deliver value in payments, settlements and securities processing by rendering all transactions safer, faster, cheaper, secure and transparent. In the words of William Mougayar, “The blockchain symbolizes a shift in power from the center to the edges of the networks”. This technology will drive benefits for transecting individuals and institutions and will impact nearly all major industries. If you are an entrepreneur, you won’t want to miss Blockchain track at TiE Inflect 2018 and learn from the best minds on challenges and opportunities inherent in this technology. Register for the conference at www.tieinflect.org .