Since 1995, we have consulted on a number of innovative online technologies and protocols, from websites and hosting solutions through to the construction and delivery of mobile apps. There is a new kid on the block - the blockchain.
“A blockchain is a decentralised, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. This allows the participants to verify and audit transactions inexpensively and securely.”
Blockchain technology and Distributed Ledger Technology (DLT) may well be a threat to many existing businesses. However, there are also huge opportunities to both existing and new businesses through blockchain technology and specifically the smart contracts built upon it.
In very simple terms, a blockchain enables you to securely send digital assets or smart contracts without the need of a 'trusted' third party. Apple is a third party, your bank is a third party - even the great disruptor Über is a third party.
This paradigm shift has been likened to the invention of the Internet itself. We see many similarities, particularly how businesses are reacting to it. In 1995, when we were explaining how the Internet worked and the advantages of having a websites built on it, fifty percent of the people we spoke to initially said 'thanks but I don't think it's something that will really take off'. We know how that turned out.
Do you know anything about DLT or blockchain technology, tokenised assets and smart contracts? What impact will they have on your business? What are you doing about it and what are your competitors doing about it?
Whether you embrace this new and exciting technology or not, we believe it is revolutionary and will fundamentally change many things. One thing is for sure, it should not be ignored.
Find out how you can take advantage or mitigate your risk.