The world is experiencing a huge technological revolution; as innovative technologies are created and adopted, some of them are able to affect change – to a considerable extent – within our society. They include virtual reality (VR), artificial intelligence (AI), big data, Internet of Things (IoT) technology and other equally-impressive technologies.
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. Because of its array of ground-breaking features (such as scalability, improved security and decentralization), blockchain is poised to impact a great number of industries. Typically when blockchain is referenced, it’s in the context of cryptocurrency such as Bitcoin. However, blockchain is so much bigger.
Ultimately blockchain provides three key capabilities:
- Access control, ensuring that only stakeholders access data
- Security, encrypting every transaction
- Transparency, making the entire transaction ledger visible to all participants
As a distributed ledger technology, blockchain can also be successfully applied to various fields. One that is uniquely suited to the technology: a marketplace for the sale of Internet of Things (IoT) data. There is a strong and growing momentum to bring this blockchain-enabled data marketplace into production. Thanks to blockchain, by 2030, established marketplaces will effectively create a “data gold rush” for IoT adopters that will determine, in a free market, the value of the IoT data assets generated.