These 4 Concepts Will Help You Understand Blockchains
For those looking to evaluate the value of blockchain technology to their business, there are four key concepts to understand.
Over the last year, media coverage of and general public interest in cryptocurrencies, blockchains and NFTs has ramped up significantly. As of March 22, the global market cap of all cryptocurrencies stands above $1.9 trillion, and El Salvador now recognizes bitcoin as legal tender. Blockchain, the technology underpinning these developments, has seen growth in institutional adoption, with 20% of enterprises already using or planning to use the technology in their operations. Venture capital funding continues to pour into the space, clocking in at more than $25 billion in 2021 alone.
Amidst all the hype, it is important to understand what blockchain is, and why, outside of market dynamics and speculation, the technology stands to be so transformative. Explanations can often be highly technical, which is not particularly useful for decision-makers evaluating the technology and exploring its applicability to their businesses.
For those looking to evaluate the value of blockchain technology to their business, there are four key concepts to understand: connectivity, decentralization, immutability and automation. By understanding these concepts, businesses can come to an informed understanding of the power blockchain technology presents.
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