As Lean Practitioner I seem to always have my eyes and ears focused at least casually on business trends, management practices and leadership skills. The latest find was the term “Blockchain” technology. Interestingly I haven’t heard much of this in the trade magazines that I read. I’m obviously late to the game.
After doing a bit of investigation on block chain found this technology to be somewhat mind boggling. Blockchain, additive manufacturing, cloud computing and nanotechnologies are really making business interesting again.
This post is not at all inclusive or in-depth explanation; rather it’s a tip my lean soldiers to seriously begin studying Blockchain technologies. Decide what impact implementing or ignoring Blockchain will have on your industry.
Blockchain technology is simply a public ledger of all Bitcoin transactions that have ever been executed. It is constantly growing as completed blocks are added to it with a new set of recordings. The blocks are added to the Blockchain in a linear, chronological order.
A Blockchain technology allows for the movement money through the use cyber currencies outside the traditional central banking system. The ledger is open decentralized and shared throughout a community. This technology has solved the core problem of cyber currency which is “double spend” that is ability to spend same bitcoin twice. Once you spend your coin just like a real paper dollar it’s gone and the one you given it to now hold it. Supposedly un-hackable these transactions are cheaper and faster than using centralized banking.
The technology has even advance to where it can be used for smart contracts, electronic voting, payroll and even supply chain proof of provenance. That means fast simple and correct material certs that can be digitally audited and traced in seconds! Excited to learn more about this!
Every technology old and new there are pros and cons so do due your due diligence but know Blockchain is coming your way in one form or another. I’ve begun to invest myself but please do your research if you decide to in the future.
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