Video: Exploring the Mystery behind Blockchain

One day it may be described as "the next big thing." The next day it'll be dismissed as "the next nothing."  

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Exploring the Mystery behind Blockchain

Jun 27, 2017

Video: Exploring the Mystery behind Blockchain

One day it may be described as "the next big thing." The next day it'll be dismissed as "the next nothing." Regardless of your stance today, only the blockchain could be both everything and nothing rolled into one. And blockchain technology is definitely something financial industry experts are tracking.

The Blockchain potential

While not everyone can explain exactly how the technology will change the world – yet – most will acknowledge that blockchain has the potential for groundbreaking innovation in the fintech community, similar to the Internet transformation of the early 90s.

As the distributed ledger technology behind digital currencies like Bitcoin, the blockchain allows users to verify and record assets before, during and after transactions, with absolute validity around the timestamp of the transaction on a public network. While the buzz behind the technology is more about the potential than current uses, that potential is vast. In fact, many say blockchain could fundamentally transform the entire financial system, on a global scale through greater efficiency, innovation and transparency.

The Blockchain disruption

Staying on top of the excitement, experts from industry, innovation and technology gathered in St. Louis recently for the inaugural Distributed: Trade conference with one theme in mind – how blockchain will optimize global commerce. The conference was a forum for technology companies and major enterprises to collaborate and brainstorm about the new technology’s disruption potential across the entire commerce ecosystem.

With the type of authenticity around ownership that blockchain brings to the table, almost every sector including Wall Street, real estate, environment, geo-political areas and more could benefit from the this new technology. The genie behind the core purpose of the technology – to create an immutable record of transactions – is definitely out of the bottle.

"Right now, it feels like 1994 again, like the early days of the web," said Brian Behlendorf, executive director, Hyperledger Project® at The Linux Foundation®. "There are a lot of different efforts and a lot of different experiments, and some really clear, obvious applications. We're still just scratching the surface of what can be built. So it's a new day. There are new companies to build. There are old industries to turn over. And I'm excited to be a part of it."

Make no mistake: Disruption is here to stay. Whether blockchain is the technology that sticks or another one down the road, this type of system appears to be the wave of the future for global commerce.