The Blockchain Revolution

Thanks to Bitcoin, ‘blockchain technology’ is now a commonly used term in the financial sector. But blockchain is increasingly making an appearance in other sectors as well. The possibilities seem endless and many believe this technology will have a major impact on how we live and work. What is it and what makes it so unique? To put it briefly, blockchain technology is an uncrackable process in which transactions between different parties are documented digitally. In 2009, Bitcoin was the first concrete application. But blockchain’s biggest promise lies not in creating an international digital currency like Bitcoin, but in automating trust. Sometimes referred to as ‘a shared, unilateral source of truth’.

Unique and Reliable

Blockchain is actually nothing more than a list of data that is shared with a worldwide network. Everyone who participates in the network sees exactly the same list. Every participant can also make changes. When this happens, the list is updated everywhere simultaneously, so that everyone constantly has the same version. Issues such as security, uptime, integrity, architecture and data storage are provided for as standard.

Beyond this, only new data can be added to the list of data; it is not possible to amend information added earlier. The cryptographic software can provide for this by combining all the computing power in the network. This is also what makes blockchain so reliable and unique.

Everyone an Owner

A blockchain makes it possible to tackle locally matters which previously required a centralized approach. Everyone, and at the same time no one, is owner of a worldwide network. As a result, participants no longer need to have trust in a single overarching party that manages properties; instead a peer-to-peer network arises in which all parties are owner and can continuously monitor each other. There is a situation of digital social control. In theory, this makes it possible, therefore, to make every controlling party superfluous in every process that is based on transactions.

The network is entirely central and transparent. The peer-to-peer network implements technical or functional improvements independently and collectively. Following on the financial sector, a growing number of sectors, technicians and companies are becoming interested in blockchain technology because of the many possibilities it offers. In principle, any process in which certain forms of transactions occur could be accommodated with blockchain. Monitoring authorities are no longer needed. With processes taking place many times more efficiently as a result.

Knowledge and Experience

Info Support is experimenting with blockchain because we believe in the enormous disruptive potential of this technology. With a number of clients, we are working on concrete possibilities from a business development perspective.

We have also started with (small) projects at energy companies and a number of financial institutions.

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Topconf Talinn 2017

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