Blockchain has been described as a transformative technology that will fundamentally change our relationships with third-party intermediaries, including banks, lawyers, and accountants. Blockchain is most associated with cryptocurrencies such as Bitcoin and Facebook’s Libra. However, there are many more possible applications for blockchain technology. The Pandemic is pushing forward blockchain because of it’s potential to solve issues such as detecting Covid-19 hotspots and carriers with the promise of individual data privacy and security.
Blockchain technology has the potential to be a significant disruptor in terms of how business transactions are initiated, authorized and recorded. It has been compared in magnitude to the introduction of the internet. But, what is Blockchain, how does it work and why should we care? We will make blockchain technology understandable and provide you with action steps to help you prepare for this game-changing technology.2