Blockchain Technology and Its Impact on the Future of Business
December 2, 2016
Sign up for the webinarThe Center for Global Enterprise’s Expert Connect series will present a one-hour webinar of the on the growing popularity of blockchain technology and its potential to transform industries.
Blockchain first came to light around 2008 as the architecture underpinning bitcoin, a type of digital currency. But, as with the Internet and other major technologies, blockchain has transcended its original objective. Over the years, blockchain has developed a following for its tamper-proof security and ability to handle transactions where the parties need not know nor trust each other for transactions to complete.
Foremost among the problems addressed by blockchain is the need to bolster security in our increasingly digital economy and society. Over the past few decades, we’ve been moving to a world where information of all kinds is increasingly digital, and where many different kinds of online transactions are now taking place between people, institutions, and all manner of wired and wireless devices. Our current methods for securely managing personal and proprietary information are proving inadequate as evidenced by the all-too-common data breaches, identity theft and large-scale fraud around the world.
Does blockchain hold the promise to revolutionize our 21st century digital economy by bringing one of the most important and oldest concepts, the ledger, to the Internet age? Ledgers constitute a permanent record of all the economic transactions an institution handles, whether it’s a bank managing deposits, loans and payments; or a government office recording births and deaths or legal identity documents like passports and driver licenses. They’re one of the oldest and most important concepts in finance and other mission critical transactions.
Over the years, institutions have automated their original paper-based ledgers with sophisticated IT applications and databases. But while most ledgers are now digital, their underlying structure has not changed much since the 16th century. Each institution continues to own and manage its own ledger, reconciling its records with those of other institutions as appropriate – a cumbersome, highly inefficient process that often takes days and involves a number of intermediaries. Blockchain removes the intermediaries and the inefficiencies.
While a tipping point has been reached, it’s too early to know the degree to which blockchain will transform business and important commercial transactions such as supply chains. In a short number of years, blockchain technology has made significant inroads in the financial services sector and is poised to help transform other industries. How will this all play out in the years to come?
Join the conversation to explore:
- What is blockchain technology and why all the excitement?
- Making the Internet far more secure and trusted
- New uses for blockchain technology
- Will blockchain disrupt and fundamentally transform industries? If so, which ones will be first?
Please submit any questions in advance of the webinar to [email protected]
Sign up for the webinarTechnical Requirements
You need a computer or smart device with access to the internet. For optimal viewing, it is best to access videos when you have a wired high-speed internet connection.