As the world continues to “transform” and be more digitally driven, then the inevitable also has to happen, systems that support our day to day processes start to become outdated, inefficient and ineffective for a world that needs to move more quickly and in different ways.
One such innovation that is gathering momentum is the use of blockchain and it is starting to have a major disruptive impact on the way many traditional transactions are done, with current mechanisms often been slow, inefficient and vulnerable to compromise, as well as in many cases, especially with financial transactions, a lack of trust in many of the existing methods.
But what exactly is blockchain, like many people it’s a technical term I’m familiar with but don’t fully understand how it works, why it’s relevant and how is it impacting business right now, as well as the potential future applications.
If you are like me and interested in the technology and would like to know more, then maybe this week’s podcast episode is for you as I’m joined by Ian Moore to provide a beginners guide to blockchain, a blockchain 101 no less.
Ian is not a blockchain expert, but certainly is an enthusiast and the perfect person to introduce the concept and provide a good overview of the technology. In his day job, Ian works for IBM in their data division.
During our conversation, he introduces us to the importance of ledgers, how the four key blockchain tenants of consensus, provenance, immutability and finality are allowing blockchain transactions to be quick, secure and trusted.
We also discuss how the speed of digital transformation is demanding improvement in speed and efficiency and how transactions that used to take weeks are no longer acceptable as blockchain takes those long slow processes and does them almost instantly.
Ian also shares some great use cases, as well as outlining the basic requirements needed for a blockchain, we wrap up by discussing possible futures uses for this technology approach and how blockchain will do for transactions what the Internet has done for communications.
Ian provides us with an excellent introduction to blockchain, to find out more on this topic and how it may impact your business, IBM has some great resources on their blockchain page here https://www.ibm.com/blockchain/what-is-blockchain.html
You can find out more from Ian on twitter @Ian_DMoore
I also mentioned during the show another fascinating blockchain introduction podcast, where Stephen Foskett joins Yadin Porter De Leon on the Intech We Trust podcast, you can find that show here https://intechwetrustpodcast.com/e/130-on-the-blockchain/
I hope you enjoyed the show, to catch future episodes then you can subscribe on iTunes, Soundcloud and Stitcher as well as other good homes of podcasts.