CIOs Are Turning to Blockchain Technology
Blockchain is one of the hottest tech topics of the year. Blockchain has a ton of applications, from secure document storage to registering property rights. And new companies, like IBM, are swinging for the fences with the technology. Plus, regulators are interested, too. For CIOs, blockchain is quickly becoming a major topic of discussion.
It’s no secret that blockchain has gained significant momentum in recent years. In 2016, Microsoft and Intel agreed to partner on blockchain work, while in 2017, IBM and Maersk announced a collaboration to explore how blockchain could help track food from the farm to the supermarket. And in April of this year, Google announced it had begun exploring how blockchain could be used to improve supply chains. Now, CIOs are catching on as well.
Why blockchain matters to CIOs
A blockchain isn’t just some fancy innovation. It’s the future of business. Blockchain technology has stirred up widespread interest and debate among CIOs, and hotels are no exception. Blockchain is a revolutionary protocol that records transactions in a shared, encrypted database. This technology has the potential to disrupt the hotel industry by allowing real-time ecosystem transparency and reducing friction for hotel owners, operators, and guests.
What’s the value of blockchain?
A new technology called blockchain is being touted as the next big thing in internet technology. Blockchain is a technology that uses a distributed ledger, and its use is gaining traction because of several reasons. The ledger is a secure database used to record digital information. So, what makes blockchain special when compared with other database technologies? A blockchain is a new type of database that records data blocks rather than individual records. What this means is that it’s more like a chain or a database linked by shared links.
The Gartner Blockchain Spectrum
The Gartner hype cycle is a concept used by Gartner, Inc. to measure how rapidly new technologies are adopted. The blockchain hype cycle, known as the Gartner blockchain spectrum, is an extension of Gartner’s hype cycle that charts the progression of public blockchains. In the Gartner blockchain spectrum, blockchain is “On the Plateau of Productivity.” In other words, the hype around blockchain has passed through the peak of the hype cycle and is percolating through the trough of disillusionment.
Blockchain crosses industry boundaries.
Blockchain technology is the subject du jour. The blockchain concept has been around since the early days of the internet and counts among the original concepts behind bitcoin. But, the concept of using blockchain technology to secure the transfer of data, assets, or contracts has more recently caught the attention of nearly every business in every industry.
Blockchain isn’t just for cryptocurrency. Distributed ledger technology is finding its way into many industries, including health care. Blockchain technology enables secure, distributed, and verified access to patient records while eliminating the requirement for an intermediary such as a hospital or insurance provider.
Security, technology, and legal limitations
Legal limitations and security concerns are extremely prominent topics in today’s society. The technological capabilities of today’s cell phones and laptops have made us more connected than ever and given us immediate access to social media.
As technology advances, so does the level of security for individuals and businesses alike. Burglaries are ever more prevalent and feature more high-tech equipment to help detect intrusion. As networks grow more complex, so too is the need for updated security measures, especially if remote access is present.
However, there are legal limitations. For example, certain types of businesses are required to comply with certain regulations, such as HIPAA, PIPEDA, and FIPPA. Furthermore, employees often enjoy specific rights when it comes to accessing the network, and in the case of a breach, having immediate access to the network can be extremely vital.
Blockchain has created a new ecosystem where global companies can collaborate and improve existing systems. Distributed ledger technology (DLT), which can track transactions on an immutable, transparent ledger, allows companies to eliminate paper and reduce friction, saving companies money.