Bitcoin is Just the Beginning: The Valuable Potential of Blockchain Technology

While many have solely thought of Bitcoin when the term “cryptocurrency” is referenced, today it is the system they are built on that is disrupting many entities in the financial industry and beyond.

Bitcoin and other cryptocurrency are programmed on a system called blockchain. This system facilitates a peer-to-peer transaction network that operates directly between users without an intermediary. And even though Bitcoin and other types of cryptocurrency are a Soft Trend — one whose future is open to influence — the existence of the blockchain and the concept of cryptocurrency is definitely a Hard Trend. It is here to stay with abundant applications.

The rapidly evolving technology of blockchain holds enormous promise for game-changing disruption across any number of industries and fields; it just takes some understanding to figure out how you and your organization can use my Anticipatory Organization Model to leverage this disruptive Hard Trend to your advantage.

Blockchain Broken Down

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For those who may be unfamiliar with the term, the blockchain is made up of a system of decentralized transaction records called blocks used to create a transaction without any input from any sort of controlling entity.

Banks and financial institutions are the most known examples of said controlling entities, especially given the common application of blockchain in the financial world. Currently, most people store their savings in a bank account at a bank, and said bank makes money by charging overdraft fees if need be and interest on loans.

The blockchain effectively eliminates the need for the bank in this example by using peer-to-peer connectivity for a secure, direct connection between all involved parties.

Many wonder just how secure peer-to-peer transactions could be, as I’m sure many are remembering the peer-to-peer networks of music sharing in the very early 2000s and the warnings of how it could make your computer susceptible to hacking. However, the blockchain is far…