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A Technology Boardrooms Cannot Afford to Ignore

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Media excitement and hype about bitcoin has served to mute interest in the digital ledger technology – but boardrooms should be focusing on the substance behind bitcoin’s dazzling glitter, as much if not more than the bitcoin itself.

In a world when business is transacted at a distance that prevents the physical signing of contracts and even handshake agreements, blockchain, the base upon which bitcoin is based, could be the solution to a number of problems that have, if even considered at all, have been dismissed as permanently insurmountable.

These issues include the safe storage and transfer of contracts, transactions and agreements in a safe, secure, and – crucially – trackable method. Even the government is showing an interest in using blockchain because its transparent yet water-tight qualities have the potential, if properly actioned and used, to transform almost every aspect of civilised life from supply-chains to public registers; as well as all manner of consumer and business-to-business interactions.

And the governmental interest in blockchain is an indication that any boardroom that is not already paying attention should do so immediately so as to not miss out on the party altogether, because it is much more than an interesting product that will hold everyone’s attention for a minute or two – it has the potential to permanently transform the way global business is done in the future.

Everledger, a diamond tracking and management system has very successfully used blockchain to implement a system that, after just six months’ operation, monitors the details of some 850,000 diamonds – monitoring that will ensure the provenance, security and movements of the gemstones: all of which will be exceedingly useful to insurers.

The Government Office for Science says that blockchain will not only provide a replacement for physical ledgers and paperwork, it will considerably improve commercial and administrative systems, revolutionising the way information and data is stored, being both secure and accessible – at the same time!

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