Blockchain and how it will change everything

In May, British billionaire Richard Branson invited a select posse of entrepreneurs, venture capitalists and technology advisers to his Caribbean residence for an exclusive pow wow on an issue occupying some of the top markets minds in the world.

The topic for discussion on the picturesque Necker Island was the “blockchain”.

“Every now and then, something comes along that might just change everything. And this is one of those moments,” ASX chief executive Elmer Funke Kupper.

In case you’re one of the many yet to wrap your head around the promising technology, blockchain, on a simple level, uses computer code to engender trust in digital-economy transactions.

One of the attendees at Branson’s island was Brian Forde. A technology entrepreneur, Forde was, until recently, President Barack Obama’s senior adviser for mobile and data innovation in the White House.

During a visit to Sydney this week, Forde predicts many businesses from a variety of sectors and governments will be forced this year to think about how blockchain technology might affect them through streamlined processes, reduced costs and enhanced service delivery.

“Banks and other financial institutions are thinking about this, and you can see that reflected in how quickly they are moving. Now what we will start to see in 2016 and 2017 are responses from the other industries that will be impacted by blockchain.”

There is massive hype around blockchain in certain circles even though there are yet few working networks. However, extensive testing of the technology is now beginning.

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Source: Sydney Morning Herald –Blockchain and how it will change everything