Blockchain - UK - June 2019
Covered in this report
Blockchain is a digital ledger that provides a secure and public way of making and recording transactions, agreements and contracts; its best-known use is Bitcoin, a virtual currency. The database is shared across a network of computers and becomes a long list of chronological transactions that have taken place since the beginning of the network.
Blockchain is a transformational technology. For all its complexity, blockchain’s potential as a decentralised form of record-keeping is almost without limit. From greater user privacy and heightened security, to lower processing fees and fewer errors, blockchain technology has the potential for a myriad of applications. A key area is technology for enterprises that require trust-less transactions and secure record keeping. Enterprises can track transactions with greater confidence and security, and blockchain adoption - completely distinct from crypto currency hype or doom projections - is steadily gaining in enterprise environments.
“Blockchain may originate from spurious uses, and the future of crypto currencies remains debatable (though don’t rule it out), but the potential wider commercial opportunities and applications of blockchain are vast and transformative. Moreover, its use is not limited to business but extends to major public sector applications. Some within the blockchain sector even claim the technology will make inroads into poverty and income discrepancy on a world-wide scale. It is potentially the most transformational development since the internet, and could stimulate a new economic era.”
– Terry Leggett, Senior Analyst
This report looks at the following areas:
- Blockchain has many potential benefits
- Is blockchain the solution for the unbanked in the UK?
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