The mania surrounding bitcoin and other cryptocurrencies has now overflowed onto the underlying technology. The real value of cryptocurrencies is hotly in dispute, but there is consensus that the underlying blockchain technology has applications that extend far beyond its connections to cryptocurrency. IBM’s Martin Schroeter recently told CNBC (http://cnw.fm/1ZWuV), “Blockchain, the digital record-keeping method that exploded in popularity in conjunction with the cryptocurrency craze, will change the way the world makes transactions.” Unfortunately, the unscrupulous will always make every conceivable attempt to capitalize on a current craze and redouble efforts during transformative events.
Spring-boarding off the cryptocurrency craze, little-known companies have been announcing plans to enter the bitcoin industry or into its underlying distributed ledger blockchain technology. An encrypted electronic ledger, blockchain has the potential to dramatically reduce business costs, efficiently streamline operations and provide data security and reliability. Replicated across a network of multiple computer nodes, the records keeping system is decentralized, self-monitored by all the linked computers and eliminates the need for…
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