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The concept of a distributed ledger was originally invented as the underlying technology of the cryptocurrency Bitcoin. But IBM, Microsoft and many other industry segments have recognized the applicability of blockchains in environments other than cryptocurrencies.
Blockchain is an emerging way for businesses, industries, and public organizations to almost instantaneously make and verify transactions—streamlining business processes, saving money, and reducing the potential for fraud. At its core, a blockchain is a data structure that’s used to create a digital transaction ledger that, instead of resting with a single provider, is shared among a distributed network of computers.
IBM did some pioneering work by architecting and implementing blockchain that is being enhanced via the Hyperledger Consortium as part of The Linux Foundation and Microsoft Azure Blockchain as a Service (BaaS) already provides a rapid, low-cost, low-risk, and fail-fast platform for organizations to collaborate together by experimenting with new business processes—backed by a cloud platform with the largest compliance portfolio in the industry.
The industry trade press, however, has not presented the true value of blockchains. Their efforts to “dumb down” the technology has included sensational titles, false prophets and thin business cases. This has left us with an ill-informed community and a lack of any sense of urgency. Industry segments related to ours are already moving towards blockchains so we need to move forward.