Blockchain - The best know explanation for this is - the technology behind Cryptocurrencies (like Bitcoin and Ether). In short, blockchain, the main technology behind Bitcoin, is a new network that amongst other things helps decentralize trade, and allows for more peer-to-peer transactions. Beyond the fanfare of blockchain being a tool to ‘get rich quick’, it has the potential to change the infrastructure of economic systems across the globe.
Originally developed as the accounting method for the virtual currency Bitcoin, blockchains – which use what's known as distributed ledger technology (DLT) – are appearing in a variety of commercial applications today. Currently, the technology is primarily used to verify transactions, within digital currencies though it is possible to digitize, code and insert practically any document into the blockchain. Doing so creates an indelible record that cannot be changed; furthermore, the record’s authenticity can be verified by the entire community using the blockchain instead of a single centralized authority.
Efficiencies resulting from DLT can add up to some serious cost savings. DLT systems make it possible for businesses and banks to streamline internal operations, dramatically reducing the expense, mistakes, and delays caused by traditional methods for reconciliation of records.
Do you know the two big financial powerhouses that made waves last year by using blockchain on commercial property deals? ANZ and Westpac teamed up with IBM and shopping centre operator Scentre Group to digitise the guarantee process. They then used blockchain, instead of paper, for bank guarantees on commercial property leasing.
From giant corporations to fresh-faced start-ups, there is a whole gamut of Australian blockchain companies looking to make the most of this potentially revolutionary technology.
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