BLT or DLT?
Yes, yes I know more on Blockchain? Well to be fair if you’ve gone anywhere near it recently the internets trick of hooking your profile search to adverts will soon fill your inbox and twitter with everything from the price of ethereum to yet another ICO or digital bank opening for your readies .. funny how they’re always selling crypto, their crypto to boot and not buying it? No mind however, it is a horse that has bolted and as one of a pack it is up to you which, if any you jump on.
As Chris Tarrant used to say on WWTBAM “…but that’s not what I’m going to give you!” If your idea of this whole revolution is about the crypto currency I think you may have some reading to do. I recently wrote a blog about blockchain and touched on it’s real uses, the kind of uses that entrepreneurs out there and here at Acquarius are interested in. Blockchain or to give it its usual name Digital Ledger Technology (DLT) has far wider, more useful and increasingly more applications in the real world than perhaps, in the beginning, even Satoshi Nakamoto dreamed of.
Let us imagine you want to create a legally binding document, the document could be about a house, an inheritance or a simple gift. In days of yore these documents would need to be securely kept and never lost or forgotten. How many insurance policies have gone the way of.. “I’m sorry Madam but without the original policy I’m afraid there is nothing we can do?” Of course things have changed that doesn’t happen these days does it…does it? But with DLT it can never happen. Whatever you attach and complete with DLT that transaction, deal, transfer or whatever is forever embedded between the two people that can unlock the code and it is monitored and accepted by 100s of thousands of nodes around the planet. No change can be effected, no one can access it unless every single one of those nodes agrees the digital owner is the person/company authorised to do so. It is impossible to change or copy. There is no possibility of fraud because everyone has to agree from all the nodes that the digital signatures are correct. Unless that happens, nothing changes.
That is just the beginning and today one example I’m going to give you for it is so early yet in the DLT revolution that we are only just about to enter the rabbit hole. Grab onto those reins tightly it is going to be a hairy ride … or maybe you like being left on the shelf?