Blockchain is changing our digital landscape. It will change the way in which traditional digital services are provided across all public sectors, industries and services, globally.
The capability boundaries of traditional IT systems have for decades constrained the shape of our digital landscape and the systems and services we use. Blockchain changes the boundaries of what can and cannot be automated; Blockchain provides new public infrastructure, a world computer upon which new automated services can be built for consumption at no cost to the consumer. It enables the decentralisation of organisations & processes and the automation of transactions & administrations.
Ledgers have been at the heart of commerce since ancient times and are used to record many things, most commonly assets such as money and property. They have moved from being recorded on clay tablets to papyrus, vellum and paper. However, in all this time the only notable innovation has been computerisation, which initially was simply a transfer from paper to bytes. Now, for the first time algorithms enable the collaborative creation of digital distributed ledgers with properties and capabilities that go far beyond traditional paper-based ledgers.
A distributed ledger is essentially an asset database that can be shared across a network of multiple sites, geographies or institutions. All participants within a network can have their own identical copy of the ledger. Any changes to the ledger are reflected in all copies in minutes, or in some cases, seconds. The assets can be financial, legal, physical or electronic. The security and accuracy of the assets stored in the ledger are maintained cryptographically through the use of ‘keys’ and signatures to control who can do what within the shared ledger. Entries can also be updated by one, some or all of the participants, according to rules agreed by the network.
Blockchain is ushering in a new era of more connected, better integrated and efficient digital services. There is a lot of hype around Blockchain – Different industries such as banking, healthcare, music, governments, logistics and many others are looking at Blockchain and are trying to take a very complex technology and figure out how they can reap the benefits.
Perhaps one of the most challenging issues is simply translating the problemthat needs to be solved into a Blockchain solution. In the case of smart contracts, this means translating legal contract languages (legalese) from the lawyers into computer code.
For those not familiar with smart contracts they are contracts written as computer code which can be stored on the Blockchain – rather than in legal language on a printed document. This code can define strict rules and consequences in the same way that a traditional legal document would, stating the obligations, benefits and penalties which may be due to either party in various different circumstances. But unlike a traditional contract it can also take information as an input, process that information through the rules set out in the contract, and take any actions required of it as a result.
Blockchain technology has the ability to increase secure data exchange for governmental bodies, various industries and the private sector. It also makes that data transfer simpler, more transparent and easier between entities.
To advance Blockchain in different industries, the Blockchain Ecosystem Network (BECON) was created. Within the network, we share information, industry use cases, news and updates. It is all about the power of new technologies to transform ledgers as tools to record, enable and secure an enormous range of transactions, incorporating rules, smart contracts, digital signatures and an array of other new tools. What application of the technology? For what purpose? Applied in what way? And with what safeguards? We aim to inspire, inform and bring forward new innovations. Want to learn more, visit http://www.becon.global/