With this huge body of support for distributed ledger technology, how long will it be before it is at the core of everything?
Blockchain is a technology that works on the basis of a distributed ledger, a database that is shared and continuously added to with new records; these are all marked with a timestamp and connected to the preceding block.
With each new record or block added to the chain, information placed within becomes immutable; it cannot be altered or removed. The nature of the technology makes it highly secure in theory, and it can be used for carrying out real time, verifiable transactions between two parties.
It is thought that this dynamic could allow many areas of business across all industries to function more efficiently, having a huge disruptive impact on areas such as shipping, for example. Shipping obviously requires international transactions to be made, and it is weighed down by legacy processes, a large percentage of which are still very much paper based.
Blockchain is the technology behind the globally recognised cryptocurrency Bitcoin, governing all transactions made using the currency.
Excitement regarding the technology’s potential has been growing constantly since it was first conceptualised in 2008 by Satoshi Nakamoto, and now work towards global implementation is at full speed.
Here is a list compiled by CBR of the most influential organisations participating in the furtherance of the cutting edge technology, including banks, consortiums and tech giants.