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Hype vs. reality: We investigate the potential in blockchain

At the end of last year Brave New Coin ran an article titled: “Ten companies using the blockchain for non-financial innovation”. In the midst of all the hype about blockchain, this listicle probably provided the clearest view of how blockchain really can be used outside finance. This was because it offered practical examples that entrepreneurs are actually trying to make reality.  

Some of the more interesting new companies in the space include better digital rights for artists, insight into the supply chain – for particular items, like diamonds, and across the spectrum – along with a new service to “backup your DNA”. I contacted a number of the companies listed but it is all such early days that nobody was prepared to be interviewed.

 

What exactly is blockchain?

As Ed Wallace, Director of Advanced Threats at MWR InfoSecurity explains: “Blockchain is just a record of transactions, like a double-entry book keeping system or ledger, that can be distributed – shared with whomever you want or is completely public – that uses encryption as a way of validating the entries are correct and can’t be changed.”

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