PCWorld published an article on Monday (December 12th) describing efforts around the development of five practical applications of distributed ledger technology (a.k.a. “blockchain”). As a technology that has been fighting a reputation with naysayers as a ‘solution looking for a problem,’ it’s nice to see some demonstrable use cases.
The question that isn’t answered by the article is the one that is always asked at the birth of any new technology: how will market consensus be reached? It’s a rare industry that has the patience to allow such an answer to evolve naturally. But, that doesn’t mean market participants can’t start preparing for the eventual consensus now, even though no one knows what form that will take. By understanding the fundamental nature of underlying data and decoupling data from the complexity of proprietary systems, the opportunities to apply new technologies to solving business problems are opened, rather than obfuscated.
We welcome your thoughts on how you think the financial markets have done with stating use cases and understanding underlying data.
See the full article from PCWorld here.