Watch a short overview of how existing enterprises may be impacted by blockchain technology.
- Let's take a deeper look at some…of the potential obstacles to widespread adoption…of blockchain technology and why they may present…risks to existing enterprises.…In the near term, it's financial organizations…that are grappling with the disruptive nature…of digital currencies.…Let's face it, banks for example, make huge profits…on financial transactions.…They are motivated to exert control.…There's little incentive for massive…and disruptive innovation.…
Financial organizations also have huge investments…in their technology infrastructure…so there's less appetite for more investment…that could make their systems obsolete.…It's not an easy sell to convince…all the many millions of stakeholders…in the global financial ecosystem to upend…what they do and worse yet make much less money doing it.…Financial firms must also tread carefully…around some of the most robust regulations and laws.…So even innovating carries risk.…
However, major risk lies with doing nothing.…Standing by and hoping that digital currencies…
Jonathan begins by describing some of the current challenges with the Internet, including existing risks and security problems such as identity management. Next, he describes how traditional online databases function, so that you have a basis for how the blockchain redesigns this function. He then describes how the blockchain becomes a potential solution for many of the existing limitations of online databases. Since the blockchain has its genesis in Bitcoin—the digital currency—he provides some background on that too. He also discusses how blockchain technology actually offers new capabilities beyond simply solving old problems. To wrap up the course, Jonathan shares steps you can take in your organization to understand the implications of the blockchain.
- Explain what Captcha does.
- List the core benefits of a traditional database.
- Assess whether Bitcoin requires any intermediaries in a transaction or not.
- Explain why blockchain technology is useful beyond cryptocurrency.
- Identify some ways to reduce the risk of blockchain innovation.