It´s all about the blockchain

2 min read

The first 40 years have been the Internet of information. Soon there will be a new wave of technology known as “the blockchain revolution”, says digital strategist Don Tapscott.

Don-Tapscott-IC-2013-500x390Don is one of the world’s leading authorities on innovation, media, and the economic and social impacts of technology. He is CEO of the Tapscott Group, a think tank that regularly advises business and government leaders. Don is also the Founder and Executive Director of Global Solution Networks, a multi-million dollar program investigating networked models for cooperation, problem solving and governance.

(Blogpost in cooperation with Innomag, written by Julie Vissgren)

 

During the Aftenposten´s Technology Conference, Don Tapscott, who was listed as the 4th greatest business thinker in the world in 2013, stressed the need to go from a resourced-based economy to a digital one. The biggest drivers for change where, according to him, technology, mobility, big data, Internet of things, the rise of the cloud and drones and robotics.

A central topic during his speech was the impact of blockchain, a permissionless distributed database that maintains a continuously growing list of data records hardened against tampering and revision, even by operators of the data store’s nodes.

(Wickipedia: A blockchain is a permissionless distributed database based on the bitcoin protocol[1] that maintains a continuously growing list of data records hardened against tampering and revision, even by operators of the data store’s nodes. The initial and most widely known application of the block chain technology is the public ledger of transactions for bitcoin[2] which has been the inspiration for similar implementations often known as altchains)

Keeping the user’s information anonymous, the blockchain validates and keeps a permanent public record of all transactions, and thereby lets people who have no particular confidence in each other collaborate without having to go through a neutral central authority. In other words, it is a way of making and preserving truths, where the concept of trust is build in the system itself. This has the potential to transform how people and businesses co-operates, Tapscott thinks.

­–The blockchain creates a new platform for industries such as the financial service industry, where they can use the blockchain as a record of who owns what instead of having a series of internal ledgers.

Given that the blockchaines meet the need for a trustworthy record, blockchains automatically becomes a threat to everyone who works in the “trust industry” – the centralised institutions and bureaucracies – such as banks. As for banks themselves, Santander estimates that banks using blockchains can save as much as $20 billion a year by 2022, says the Economist.

About Arne Rosness

Arne er redaktør av BI-blogg.