Blockchain 101

Top Five Facts You Should Know about Blockchain

2018 is the year of decentralized database.

Cryptocurrencies dominated the headlines for the last eight months. With the market cap peaking at around 800 Billion USD in January. Despite the crypto craze having simmered down these past few months, the technology behind the phenomina, Blockchain, is still growing fast. The Blockchain industry (currently valued at around 1 billion) is expected to reach $60.7 billion in 2024. So what exactly is blockchain and why are some of the biggest players in the technology industry, such as Microsoft and IBM, driving blockchain as their clients are making the transition to cloud services.

Here are five facts you should know…

  1. Blockchain is, simply put, a decentralized database. The most useful analogy to think about blockchain is a Google doc. All participants within a network see all changes to the ledger. The ledger is constantly updated and each participant has their own copy of it. Anyone with access to a blockchain can view the entire chain.

2. Tech giants such as Microsoft and IBM are investing in blockchain technology. Microsoft, in particular, offers blockchain as a service through Azure.

4. Blockchain has taken the global finance world by storm, with 90% of major North American and European banks exploring blockchain solutions. Blockchain reportedly reduces up to 30% cost in infrastructure for banks, and $8-12 billion in potential annual savings.

There is a lot of potential for blockchain to grow and become integral in our life. At MDS, we explore blockchain security solutions in order to improve business productivity. In the following series of articles we will go though the various uses of blockchain that will are being explored today. Also stay tuned for our series of upcoming events featuring all the excitement buzzing within the blockchain community!

Reach out to an MDS expert now and we will get back to you shortly!

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