Blockchain: Powering the Internet of Value

Seven years after the blockchain was invented, there is a shift in focus occurring in the discussion around the applications for the technology. Previously, the discussion has focused mainly on the cryptocurrency known as Bitcoin.

This year however, the attention has shifted more and more towards the core elements of the blockchain itself and how its nature as a distributed ledger for transactions could be leveraged. Several startups and incumbents in the financial sector are racing to provide both new products and services, and to improve existing ones.

Blockchain technology was first developed to provide an alternative approach to payments, by using cryptographic methods to provide an alternative trustmechanism between two transacting parties. Now it is being used as a solution for a wider variety of transactions.

Based on various sources, we have chosen to categorize blockchain technology into four different development areas. Of these four, we found that the category we chose to name Value Web, provides the biggest set of use-cases and potential applications. Our research also found that this is where the most amount of money and effort is being poured into.

New startup companies who offer solutions in these areas have already emerged and incumbent institutions in both financial services and technology are considering blockchain based solutions. Moreover, incumbent financial institutions are responding to new entrants by investing in blockchain companies, developing in-house solutions, or forming partnerships.

This paper provides an overview of the development of the blockchain, details how transactions are processed on a blockchain network , a summary of current initiatives and proposes a strategy for how organizations can leverage this new technology in the future.

UNDERSTANDING THE BLOCKCHAIN

Over the last few years, a major IT innovation colloquially known as blockchain technology has emerged as a potentially disruptive technology. The core of this innovation is built around the concept of a distributed consensus ledger, where the ledger is kept and maintained on a distributed network of computers.

This ledger makes it possible for the entire network to jointly create, evolve and keep track of one immutable history of transactions or other successive events, and it is today most commonly known as the blockchain. Up until recently, the most prominent blockchain technology application has been a cryptocurrency known as Bitcoin. It used a ledger called the Block chain, from where blockchain technology got its name. Bitcoin, however, is just the first of many potential applications of blockchain technology...

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