Blockchain: How this disruptive technology will change the future

The war in the cloud has entered a tense phase, which is beyond doubt. However, with giants such as Microsoft, Amazon and IBM rushing to bring blockchain-as-a-service (BaaS) into their cloud environment, the rise of blockchain has pushed cloud wars to a whole new level. So, will the blockchain become a key differentiator in this competition? Or will there be a whole new kind of technology to make this war more confusing? Here are some insights from the author.

What is a blockchain?

Presumably cloud, fog computing or the development of many other technologies has made you feel overwhelmed. Here I will give a brief overview: blockchain is a technology that emerges after Bitcoin (an encrypted digital currency). But unlike Bitcoin, the blockchain is not strictly a financial instrument. Although it was designed as a general ledger, the simplest meaning is that it is a method of moving and storing blocks of encrypted authentication data that cannot be changed by the user. On the other hand, it creates a transparent written record that everyone can access, but no one can change it. This makes the blockchain far more than a financial instrument – it provides an up-to-date approach to sharing, verification or recognition of most value points, including “currency, title, certificate, music, art, scientific discovery, intellectual property And the ballot."

Why add blockchains to the cloud?

Setting up your own blockchain is not easy, it requires large-scale infrastructure and development capabilities, and most businesses do not have professional management capabilities. As more and more companies discover the power of the blockchain and its capabilities, the need to make this technology more accessible is growing. According to the Harvard Business Review, the blockchain will be the next great disruptive technology, and its impact on business will be even greater than big data or artificial intelligence in the next decade. The author of the review stated that just as the Internet is the first native digital medium of information, blockchain is a native digital medium of value. 65% of banks want to implement blockchain solutions within a few years – and that's just the financial sector. This technology will allow us to see the big bang across the entire business landscape.

How is the blockchain applied?

The question that is easier to answer is: How is it not applied? Just like all emerging disruptive technologies, you may have to be creative and focus your attention on how this technology will be implemented in your industry. Next, let's give you a few examples of how the blockchain can change the business in a comprehensive way.

It can eliminate middlemen. The blockchain has been proven to reduce the existence of trading intermediaries – including real estate transactions, as well as art dealers, real estate agents, music brokers or evaluators. The same is true for creative licensing. Through the application of blockchain technology, musicians can go directly to the crowd instead of protecting their music and royalties through music companies. Musicians will once again be able to make money with their music.

It manages "smart contracts." Do you think that digital signature is the trend of the times? Think about it. With the blockchain, smart contracts will not only facilitate the collection of signatures, but will also be more convenient for contract performance.

It can provide a bank-free account that is not related to the bank. For those who don't have a bank account -- or who don't trust the bank -- blockchain can help them manage or prove their financial value without having to work with financial institutions. It can digitally track their "money" and allow them to pay using a mobile phone or app.

It can perform most verifications safely. From voter identification to proof of government processes, health information and intellectual property, the blockchain can verify the value of most transactions in a secure manner and will continue to be secure. Moreover, due to the particularity of the blockchain structure, it is far safer than the standard cloud environment.

It will become a springboard for the Internet of Things. Many people worry about clouds—even fog calculations are not safe enough, fast, or insufficient to control the amount of information generated by the Internet of Things. It can be said that the blockchain has set off something that is interrupted by cloud technology - by establishing a highly secure information sharing environment, which is much higher than when only the cloud exists.

It is transparent. Perhaps a key factor in incorporating blockchain into government applications is that it is completely open. Further, it prevents historical information from being overwritten by allowing information to be extended, but without additional conditions, which ensures complete integrity of all transactions.

While it is still too early to develop blockchain technology in the wider market, the potential for applying this technology to almost all industries is endless—from sharing university research papers to inventing cancer cures. Perhaps for the blockchain (Blockchain), the name of Blockchange is more suitable for it - because it shows the potential to change the business model of the world.