Blockchain. A buzzword that you may be hearing often in the news, by the office water cooler, or even from various experts on any given social media platform. But what is blockchain? How does it differ from bitcoin? Do I need a blockchain? Is it the solution to every problem?
Simply put, a blockchain allows you to decentralize information, processes, and even currencies while ensuring accountability, security, and immutability on a distributed ledger. Now I know that sounds like a mouthful, but imagine having a system where nonrepudiation is being enforced throughout the platform.
How do cryptocurrencies play a role in blockchain? Bitcoin, the poster child of all cryptocurrencies, is slowly becoming a household term. Unfortunately, many people think the terms blockchain and bitcoin are synonymous. This is furthest from the truth. The blockchain is the foundation on which crypto is supported, but not all blockchains support a cryptocurrency. You can liken the blockchain to the Internet and crypto as email. You can have the Internet without email, but you can’t have email without the Internet.
Now that you have a better understanding of what a blockchain is, do you need one? An answer that is frequently used in the SharePoint world, “it depends.” It is by far not the solution to every pain point plaguing your company’s processes, but it does have practical utilization in society. The Blockchain for Social Impact 2019 has provided real world use cases for both blockchain and the use of cryptocurrencies.