As blockchain grows in popularity, people continue to look for practical ways to incorporate the technology into their organizations. Some view blockchain as a silver bullet that can conquer any problem. Others view blockchain as a more complicated method for essentially implementing a database, thus offering little more than a solution looking for a problem. So, should your organization use blockchain technology?

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What is blockchain technology? Technically precise definitions found on Google define it as “a distributed, decentralized, public ledger.” But, what does that mean? In its most basic and general form, simply think of blockchain technology as a new method of securely storing and processing data. At its core, blockchain technology is simply a new ledger technology that can store information.

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As the decade draws to an end and we approach the 2020’s, a popular social media trend called “the decade challenge” emerged. People are encouraged to post a photo of themselves from 2009 next to a recent photo of themselves now in 2019 to show how much they changed in a ten-year span. While I have refrained from willingly subjecting myself to that level of embarrassment—“styles change,” I tell myself—it is hard not to wonder what things will look like when people participate in the next decade challenge (2029). What will the technological innovations be that define the 2020’s? While it is difficult to predict, experts guarantee that blockchain technology will surely be one of them.

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