{"id":728,"date":"2020-03-03T03:45:44","date_gmt":"2020-03-03T03:45:44","guid":{"rendered":"https:\/\/leciir.com\/?post_type=blog_post&p=728"},"modified":"2020-03-09T23:57:16","modified_gmt":"2020-03-09T23:57:16","slug":"keeping-up-with-blockchain-technology","status":"publish","type":"blog_post","link":"https:\/\/leciir.com\/?blog_post=keeping-up-with-blockchain-technology","title":{"rendered":"Keeping Up with Blockchain Technology"},"content":{"rendered":"\n

While we often hear about blockchain technology in relation to cryptocurrencies like Bitcoin and Ethereum, an increasing number of enterprise CIOs and CISOs are wondering how it can help them meet their business objectives. This week, we look at what blockchain is, how it works, and where it’s going, so that you can Live Easy. <\/em><\/p>\n\n\n\n

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Blockchain: What it is and How it Works<\/strong><\/p>\n\n\n\n

Blockchain is a distributed ledger technology (DLT) based on  peer-to-peer (P2P) architecture: data can be stored anywhere, on thousands of servers, so that every user on the network can see all entries in near real-time. Every data transaction is added to an inalterable record as a “block” and stamped, linking it to the previous transaction (block) to form a chain (Mearian<\/a>). <\/p>\n\n\n\n

Once information\njoins the chain, it is distributed – not copied or transferred – to the servers\n(users) on a P2P network and can’t be erased (BuiltIn<\/a>).\nThis, along with the required consensus among users on the network to update\nblockchain (Mearian), decentralizes the distribution chain, allowing access to\nblocks and administrative power for all network participants simultaneously.\nModifications are then recorded in near real-time, making changes entirely\ntransparent. <\/p>\n\n\n\n

The topology,\ndecentralization, and transparency of blockchain technology all contribute to\nits heightened security. As CEO and founder of Northwest Passage Ventures Alex Tapscott<\/a> puts it, to hack a component of\na blockchain, every user (or node) of the system would need to be hacked. While\nthis doesn’t make it un-hackable, he says, it’s “significantly better than\nanything we’ve come up with today.” <\/p>\n\n\n\n

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Blockchain Trends<\/strong><\/p>\n\n\n\n

Blockchain is\nchanging how businesses exchange data. In fact, in Deloitte’s 2019 Global Blockchain Survey<\/a>, 53%\nof respondents said that blockchain technology became a critical priority for\ntheir organizations in 2019. The shift, however, will be gradual as Gartner<\/a> predicts 90% of current enterprise\nblockchain platform implementation will need to be replaced within 18 months to\nremain competitive. So, while the business value added by blockchain will surge\nbeyond $3.1 trillion by 2030, enterprises will want to watch out for early\nobsolescence (Gartner). Keeping up to date as the technology optimizes will be\nkey.<\/p>\n\n\n\n

Mike Walker<\/a> highlights the powerful\nbusiness-enabling capabilities of blockchain in Forbes with his overview of\n2020 trends in the technology. These include self-sovereign data,\ntamper-resistant data, P2P collaboration, and distributed data governance. The\npower of blockchain, however, comes with the solution it is used to create.\nWhen enabled by internet of things (IoT) connectivity and artificial\nintelligence (AI), both at the edge and at the core (Walker), those\nbusiness-enabling capabilities offer their highest value. So, what is this all\nleading to?<\/p>\n\n\n\n

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The Path to Decentralized Internet<\/strong><\/p>\n\n\n\n

Enterprises (and\nindividuals) value data privacy now more than ever, a shift that’s causing\nmajor companies such as Google, Facebook, and Amazon to plan for the not-so-far\nfuture of the internet (Pollock<\/a>): decentralization. Blockchain\nimplementations are helping to carve the path for the running of internet\napplications on a decentralized basis, and it’s just the beginning. As the\nbusiness-enabling capabilities of blockchain technology continue to develop, so\nto will the business value they add. <\/p>\n\n\n\n

At LeCiiR, we want you to live easy. For questions on blockchain technology, decentralized internet, dVPNs, or any other topics, don’t hesitate to contact us.<\/a><\/p>\n\n\n\n

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References<\/strong><\/p>\n\n\n\n

Lucan Mearian, What is blockchain? The complete guide<\/a>. 2019.<\/p>\n\n\n\n

BuiltIn, Blockchain\n101<\/a>. 2019.<\/p>\n\n\n\n

Mike Walker, Top Blockchain Trends for 2020 and Beyond<\/a>.\nFebruary 2020.<\/p>\n\n\n\n

Darryn Pollock, Will Enterprise Adoption of Blockchain Lead Us to\nDecentralized Internet?<\/a> February 2020.<\/p>\n\n\n\n

Deloitte, 2019 Global Blockchain Survey<\/a>. 2019.<\/p>\n\n\n\n

Katie Costello, Gartner Predicts 90% of Current\nEnterprise Blockchain Platform Implementations Will Require Replacement by\n2021.<\/a> June 2019. <\/p>\n","protected":false},"excerpt":{"rendered":"

While we often hear about blockchain technology in relation to cryptocurrencies like Bitcoin and Ethereum, an increasing number of enterprise CIOs and CISOs are wondering how it can help them meet their business objectives. This week, we look at what blockchain is, how it works, and where it’s going, so that you can Live Easy. Blockchain: […]<\/p>\n","protected":false},"author":12,"featured_media":730,"comment_status":"open","ping_status":"closed","template":"","tags":[36],"blog-category":[],"_links":{"self":[{"href":"https:\/\/leciir.com\/index.php?rest_route=\/wp\/v2\/blog_post\/728"}],"collection":[{"href":"https:\/\/leciir.com\/index.php?rest_route=\/wp\/v2\/blog_post"}],"about":[{"href":"https:\/\/leciir.com\/index.php?rest_route=\/wp\/v2\/types\/blog_post"}],"author":[{"embeddable":true,"href":"https:\/\/leciir.com\/index.php?rest_route=\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/leciir.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=728"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/leciir.com\/index.php?rest_route=\/wp\/v2\/media\/730"}],"wp:attachment":[{"href":"https:\/\/leciir.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=728"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/leciir.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=728"},{"taxonomy":"blog-category","embeddable":true,"href":"https:\/\/leciir.com\/index.php?rest_route=%2Fwp%2Fv2%2Fblog-category&post=728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}