Blockchain is best known as the ledger that records all bitcoin transactions. But entrepreneurs have spotted there are many uses of blockchain or distributed ledger technology (DLT) and investment is pouring in. Prof Andrei Kirilenko of Imperial College Business School says DLT has the potential to disrupt countless industries and is the “next big thing” for financial services. “Blockchain, or DLT, is a bunch of computer code that literally anyone with a computer or a smartphone can use to create, exchange and record value,” says Kirilenko. “A very useful side effect of this technology is a complete, immutable and, at the same time, freely observable record of transactions.”
Because the blockchain is effectively unhackable, it can work as a highly trusted source of information. This enables users to validate themselves and others, speeding up transactions and trade. “From an economist’s perspective, lots of value can be unlocked through this technology by allowing individuals to supply or demand valuable resources without permission from the governments or financial institutions,” Kirilenko adds.
Read the full article [theguardian.com]