Bitcoin as a currency has taken the world by storm, and simultaneously introduced the ‘Blockchain’ term into global conversation. Blockchain technology (also called distributed ledger technology, or DLT) effectively allows for a decentralised logging of information, with its biggest benefits being speed, transparency, and ability to track key pieces of information digitally.
That said, Bitcoin is only one example of blockchain changing the world – but what are the big tech companies doing with blockchain technology?
Apple has allegedly filed a patent to use blockchain technology to time stamp data. That application is a little vague, but considering how much data smartphones and tablets receive and send each and every day, having a more organised and accessible way of monitoring when exactly something was sent or received could have a big impact in future.
IBM is known as a patent juggernaut in the tech industry, and they’ve been the ones adopting blockchain at a breakneck speed since the potential for its applications became obvious. They’ve open-sourced Hyperledger Fabric, a Distributer Ledger Technology (DLT) implementation program, which is primarily designed to be used by other big companies to create and implement their own DLT projects. It’s possible IBM will become a huge player in the future of mass blockchain use.
Siemens has invested in LO3, a blockchain energy startup that will help neighbours buy and sell solar power directly from each other. It’s difficult to guess precisely how the application works, but in all likelihood, the distributed ledger technology keeps an accurate and transparent log of units of electricity stored, and those units can be sold by having the DLT manage transactions and interactions between two households.
Blockchain implementations don’t just apply to Fortune 500 companies, though – any business could benefit from exploring how blockchain could enhance their delivery of products or services. If you think your company has something to gain from finding out more, get in touch with the team at My Online Presence, where they can help you craft a solution that will add to your bottom line!