Blockchain technology was the core technology behind the meteoric run-up of Bitcoin from the low $2,000 at the start of the summer to the low $19,000 before Christmas 2017. The use of distributed computing via a peer-to-peer technology combined with cryptography enables two untrusted parties to conduct transactions without requiring a trusted intermediary. Blockchain technology has the potential to impact all recordkeeping processes, including the way transactions are initiated, processed, authorized, recorded and reported. Changes in business models and business processes may impact back-office activities such as asset management, procurement, inventory, financial reporting and tax preparation.
Over the course of several weeks, our goal is to elevate your understanding of blockchain technology. Your takeaways from these multi-part series will be as follow:
1. Comprehend the different types of blockchain, their high-level design characteristics and constraints, costs and benefits, and their generalized usages across various industries.
2. Learn the fundamental characteristics and design elements behind the blockchain technology, how the technology provides immutability to transactions, facilitates consensus, and provide resiliency for businesses.
3. Understand the implications of adopting blockchain technology within an enterprise including regulatory landscape, availability of expertise, security and development risks, and the evolving technology framework.
4. How to best position your organization to adopt the disruptive blockchain technology while reducing risks and missteps made by other early adopters.
In Part 2 we will discuss the different types of blockchain network and the pros and cons of the designs.