Bitcoin and other cryptocurrencies are constantly making the media for their outrageous price fluctuations, but underneath the coins there is a solid and revolutionary technology that can change the way we do business forever. Recent surveys have shown that experts think transformations are on the way, and most want to be on board and reap the benefits.
Blockchain is a public digital ledger of transactions. New transactions are encrypted and recorded on blocks. Computing power is required to solve the equations and crack the algorithm of the block (known as mining). Once the equations are cracked, the block is added to the chain, and a permanent record made.
It might sound complicated, but the blockchain is basically a digital record of transactions which is validated and stored in a decentralised way. You send a Bitcoin, it’s recorded on the blockchain. You receive a Bitcoin, it’s also recorded on the blockchain.
In a recent survey of 279 tech specialists, commissioned by the BTL Group, 87% of respondents felt that the blockchain could change the way they do business, and could offer solutions for privacy and security. This is important given that 29% of respondents considered data privacy to be their highest priority.