As blockchain technology becomes more powerful, the vocabulary surrounding it expands. It can be difficult to keep up.
Prepare to talk about blockchain like a pro with this list of 128 glossary terms.
As of August 25, 2017, the total market capitalization of blockchain-enabled cryptocurrency was over USD $153 billion dollars. Thousands of startups are actively focused on how to disrupt their industries using blockchain technology.
If your Board of Directors has not yet called for a briefing on how blockchain will affect your business, it will soon.
Today, business transactions are dependent upon our ability to store and retrieve data from a central database. In contrast, blockchain technology treats the database as a network that anyone or anything may join.
Blockchain experts call this “decentralization,” the promise of friction-free collaboration between members of complex networks without central authorities or middlemen.
One example of decentralization is the use of “smart contracts,” which:
Smart contracts effectively eliminate the need for trusted fiduciaries (e.g., attorneys, brokers, etc.) to facilitate a digital transaction. It has been predicted that these digital contracts will reduce necessity for financial audits by 50% over the next 10 years.
A decentralized ecosystem democratizes trust. As the number of connections within the market scales, the value of members within that network is magnified. And as this “web of trust” grows more reliable, so too will the rise in new digital business models.
Blockchain technology has the potential to revolutionize the world economy in the following ways:
No one knows for sure how these impacts will unfold, but one thing is certain: We have only scratched the surface of what blockchain can accomplish.
Gartner recommends the following three actions:
The recording industry currently faces dwindling trust, rising operational costs, inefficient interdependencies, and declining value to end users.
Find out how a blockchain-based music-streaming platform offers bands and solo artists solutions to these issues.
If you're considering the benefits blockchain technology could bring your organization, we encourage you to contact us about our Blockchain Jumpstart Experience. We have been working with blockchain technology since its inception, and our software engineers have practical, real-world experience with its implementation.
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