Almost a decade ago, Satoshi Nakamoto, the creator of Bitcoin, silently disrupted trust-providing organizations, like banks, with an eight-page long research paper describing how money can be decentralized (through Bitcoin). At the time, not many people understood the potential that those eight pages concealed within themselves. No, I am not talking about decentralizing money. I am referring to the decentralization itself. In those eight pages, Nakamoto didn’t just explain how we can regain control over our money — he offered a new way for strangers to safely collaborate with each other. You might have come across people who deny the potential of blockchains and tell you not to buy into the hype. My advice: do not pay too much attention to them. The businesses who don’t adapt to the decentralized world of the future will soon become businesses of the past. In this article, we discuss five different ways blockchain will fit into your company in less than ten years from now. So let’s start with the basics: what is blockchain exactly? Put simply, a blockchain is a database. It’s an ever-growing database of different kinds of data and it has quite remarkable properties:
- Once data is stored in the database, it can never be modified or deleted. Every record on a blockchain is permanent for eternity.
- No single individual or organization maintains the database; several thousand individuals do, and everyone has a copy of the database themselves.