Blockchain News: Blockchain: Coming to a Smart Building Near You?

One of the hottest emerging technologies is blockchain. It’s the underlying technology that makes Bitcoin work, but the potential applications are far larger than cryptocurrency.

Blockchain is a distributed ledger. Instead of a single database or organization holding transaction records (or other data), the records are available to millions of computers anonymously. Through massive distribution of these records, a nearly tamperproof data record is created. (Harvard Business Reviewrecently published a good overview of the technology.)

Currently, the primary applications for blockchain are in the financial industry, where it has the clearest value proposition.

Don Tapscott, author of Blockchain Revolution, delivered a TED talk and summarized why transactions backed by large financial institutions are problematic. First, the holders of the data are centralized and can be hacked. Second, these institutions are not accessible to everyone. Third, transactions are slow, taking hours or days for money to change hands. Additionally, the institutions charge a fee and take personal data (which may be detrimental to vendors and customers in the future).

Full story at http://bit.ly/2ylPrNf

Source: Greentech Media

 

 

 

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