Record keeping has been central to human civilization for millennia. Ledgers and contracts underpin legal, political, and economic systems; however, traditional record keeping is fraught with delays, waste, overcharging, corruption, and security risks that amount to billions in lost revenue.
Blockchain technology for record keeping offers the following key features:
- Optimized processes
- The potential to reinvent entire value chains, especially when combined with other advanced technologies such as artificial intelligence (AI) and the internet of things (IoT).
Today, businesses are becoming aware of blockchain’s practical applications.
A 2018 Deloitte’s global blockchain survey of over 1,000 respondents (mostly employed by large companies of over $500 million-plus revenue) found that only 5% of businesses reported having no plans for blockchain investment. About 39% of respondents said their organization plans to invest $5 million or more in blockchain technology.
While the initial cryptocurrency hype has now subsided (Bitcoin is a blockchain-based currency), the conflation of blockchain with cryptocurrency persists. A lack of understanding of blockchain remains a barrier to wider adoption.
This study builds on ICTC’s 2019 blockchain report Building Canadian Consensus, which provides an introduction to blockchain technology in Canada, blockchain trends, blockchain workforce by sector, type, and size of company).Read more...