Conversations from the 2016 CIO Innovation Summit
“If the blockchain has not shocked you yet, I guarantee it will shake you soon.”
So begins William Mougayer’s recently published book, The Business Blockchain, which explores how this new technology can completely reshape the way commerce and business is transacted online.
Because blockchain technology is so new, there’s some confusion about what it actually is. The simplest explanation – Blockchains cut out the middleman. It’s a peer-to-peer (P2P) exchange of data that is authenticated and recorded permanently on a distributed public ledger. Because it can only be sequentially updated, the provenance of every transaction is traceable and cannot be erased.
The implications are enormous from financial transactions to data storage. Payments, securities, and other assets – all could be transacted through blockchains. And because it’s P2P, it can be all performed without an intermediary.
It means growth in usage for decentralized databases, cryptocurrencies, and alternative computing infrastructure and transaction platforms, among other technologies. Mougayer describes it as “decentralization of trust enabling value flow without intermediaries.”
No intermediary means fewer cost mark-ups – pennies per transaction, in fact. For example, the average transaction fee for OpenBazaar, a P2P commerce platform, is about seven cents.
What will blockchains mean for your business, and for your technology infrastructure? Mougayer’s presentation at this year’s CIO Innovation Summit got everyone talking about the immense possibilities for change in the way online transactions can be enabled. Cogeco Peer 1, too, is preparing for this massive ground shift in technology innovation. Stay tuned – more to come!