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The Rise of Blockchain in the Age of Digital Automation

By Laura Stotler
June 23, 2016

Blockchain is gaining a prominent role in the world of banking and finance and stands to become even more widely used across the digital landscape. Much like the telecom world has steadily transformed into digital, packet-based communications, Blockchain has the potential to transform the way we handle money and currency.

Typically associated with Bitcoin, a blockchain is a distributed database of data structure blocks, with each block containing transactions from both data and programs as well as a timestamp and link to a previous block. When used in digital banking, the chain keeps a peer-to-peer ledger of all transactions and forms the basis for Bitcoin and a variety of cryptocurrencies and distributed databases.

The beauty of Blockchain is that it creates blocks of value and assigns a digital location to that value, accessible by networks throughout the world. This concept is especially useful in a financial industry that is undergoing increasing regulation and scrutiny to step up security and privacy practices.

Educating attendees about the value and benefits of Blockchain is the goal of the upcoming Blockchain Event 2016, slated to take place in Las Vegas from July 18-26. The event will include training and examination of distributed ledgers and how they work with networks regarding transaction processing and smart contract features.

The upcoming event will also look at the potential value for Blockchain as it relates to trading assets across borders and the impact this will have on commerce and finance. Sessions will also focus on how Blockchain works with P2P hypermedia and file sharing systems to create content centric networking. This is described as Web 3.0, a democratized distribution platform based on decentralization and cryptography.

Finally, the event will examine opportunities for Blockchain including within the telecom sector, energy and utilities, healthcare and the government and public sector.

Edited by Stefania Viscusi

Devsworld Contributing Editor

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