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"Check the Ledger"
A WIMS Guide to Blockchain Adoption
As cryptocurrency, cyber security concerns, and an overall sense of distrust have come to the national forefront of news, a significant shift towards blockchain technology is inevitable. All the ingredients for a blockchain primordial soup are present. MIT, Harvard, Duke, and a long list of other universities are including blockchain courses in their curriculum. AngelList has more than 5,000 registered blockchain startups facilitating the technology’s growth. Institutional adoption has been the hesitation with blockchain, but the numbers are increasing rapidly.
If these numbers don’t at least pique your interest, you could end up overlooking a major disruption to the status quo of how business is conducted. By now, most people have an idea of what blockchain is. In its simplest description, blockchain5 is an encrypted digital ledger that allows for decentralized transactions of digitized assets without the need for a centralized third party. The three critical ideas of this Distributed Ledger Technology (DLT) are the following:
Digitized assets are distributed to all parties instead of transferred or copied.
The assets are decentralized, which allows for real-time access to its information.
Integrity and trust are preserved through a transparent running ledger.
The secure ledger contains all material terms needed for a transaction and cannot be altered once additional information is added, essentially setting the records in stone. The main purpose is to be a reliable source for all parties involved to easily reference material information instead of filtering through multiple drafts, emails, documents, etc. This enables the creation of a more trusted collaborative network not only within organizations but between firms of all shapes and sizes.