Blockchain is a distributed database system that maintains a continuously growing list of ordered records called blocks. First developed as a financial payments technology to support the bitcoin cryptocurrency, many other business applications are now being discovered in all areas where global verification and proof of the validity of documentation is needed.
Many industries beyond banking are exploring use case scenarios for blockchain. By Q1 of 2016 the amount of money invested in blockchain had overtaken the amount invested in bitcoin. Leading blockchain thought leader Don Tapscott (Blockchain Revolution author) declared “this technology will transform the world of business”. Mario Belinky, Managing Partner, Santander InnoVentures, explains. “We have identified over 25 use cases for blockchain within financial services. This holds huge potential.” Blockchain has the potential to reduce fraud, corruption and inefficient business practices.
Mario Belinky, Managing Partner, Santander InnoVentures
This technology will transform the world of business.
Blockchain solutions for transport, online security, healthcare, education and many other areas
Blockchain-inspired solutions will impact on our lives in a wide range of positive ways in the near future. Consumers could complete entire processes, from selecting a car to signing insurance documents with a few taps on a device. DocuDocuSign and Visa are using blockchain to simplify the process of car hire. Ride-sharing initiatives have also been developed by Lazooz in Israel, empowered by blockchain technology. Publicly viewable, distributed and non-tamperable documents offers exciting possibilities in a wide range of areas. Online security could benefit from less hackable systems, with similar benefits for health and education records. Smart contracts could also speed up and remove human interference in recording property ownership accurately. 2017 will be an exciting year as many companies look to bring to market the results of their blockchain-based research and innovations.