Professionals of digital transformation are often inundated with a barrage of new words of order. Does a particular word refer to significant technology, or is it just another example of meaningless terminology? Every week, Enterprise Mobility Exchange publishes Behind The Buzzword, a quick overview of the new technological jargon and the way professionals see it.
Blockchain is still a controversial word in the business. The technology refers to a list of records, known as the distributed ledger, which documents transactions between two parties. This data is centrally stored and can be shared on peers on a network.
See related: 5 Revolutionary Benefits of Combining Blockchain with the Internet of Things
Although there are many practical blockchain applications, it was originally developed to document cryptocurrency transactions. As a result, this has created a stigma around the blockchain, and some technology professionals associate it only with financial insights. The importance of blockchain goes beyond cryptocurrency, but some companies do not want to do anything about it. A survey on Twitter 2018 of the Enterprise Mobility Exchange found that only 12% of companies use blockchain, with 57% who promise not to use it.
"In reality, blockchain is one of the most overwritten technologies ever," said the famous economist Nouriel Roubini.
See related: Blockchain: Comes to business … As soon as that soon
Despite the stigma, some businesses are warming up with the blockchain. A UK study in September 2018 found that 65% of large companies are considering or actively engaged in the distribution of blockchains. The logistics sector in particular expressed a growing interest in technology. Supply chains in the food and mining sector are already exploiting the blockchain to improve record keeping and to save time
"Blockchain has the potential to replace brokers now present in multiple sectors to provide transparency and accountability, such as banks for transactions, universities to check academic certificates or music companies to reward music creators, "said Dr. David Galindo, a lecturer at the University of Birmingham.
Although blockchain is still brand new to businesses, some companies are already using it to register logs or authenticate users. The advantages of blockchain include greater transparency, greater security and greater efficiency. Companies that are reaping benefits are reducing some overall costs while meeting regulatory audits. Some technology manufacturers are starting to test blockchain-based solutions to meet the growing demands of the enterprise market.
Are there any words or technological phrases that you are tired of listening to? Share them with the publisher Steven Lerner by sending an e-mail to email@example.com.