This evolving report examines the growth of blockchain.
WHY SHOULD YOU CARE?
Its fans claim that blockchain is nothing less than the second generation of the internet and holds the potential to transform money, business, government and society.
Blockchains. according to PwC, are shared, tamperproof, peer-to-peer digital ledgers that enable a single, global version of transaction truth.
WHAT ARE WE SEEING?
Some of the biggest banks, along with technology companies and other firms are making significant investments in research and development to see how they can harness blockchain. These efforts could transform many aspects of business, including how we think about security. Historically, the mainstream cybersecurity philosophy was to build a perimeter wall to keep out intruders. Blockchains could make the perimeter irrelevant by ensuring the integrity of a given network. It is akin to securing the metaphorical veins and arteries of the digital world in order to ensure the health of the body that is the network.
Blockchains, once developed, have the potential to be a powerful solution to many of the security problems faced by financial institutions, argues PwC. The transaction-level cryptographic control associated with blockchains could also extend to manufacturing, pharmaceuticals, the transportation industry, or any sector that makes important products that need to be secure. Blockchain-based technologies at some point could eventually become the backbone for all collaboration and communication that needs to take place in these industries.