Blockchain ‘as transformative as the internet’

Research from Intrinsic Insights has found that 87 per cent of technology professionals believe blockchain will be as transformative for business as the internet has been.

Commissioned by BTL Group, the study asked 279 IT professionals in the UK and US about the impact of blockchain. It found the main benefits of the technology are greater data security and protection against cyber threats.

Two thirds of respondents have trialled or are using blockchain technology, while nearly half of those who have not worked with blockchain tech yet will do so in next two years.

“In a world of increasing concerns over the security and integrity of our data, individuals and businesses are realising the inherent benefits that applications built on blockchain technology can provide when keeping people’s data private,” said Dominic McCann, chief executive of BTL Group.

“This research also illustrates just how many businesses are looking at using blockchain and of those that are yet to explore it, there is a significant proportion looking to do so in the next two years,” he added.

Speaking at the London Blockchain Conference last week, secretary of state for digital, culture, media and sport, Matt Hancock stated that following the “colossal growth” in interest in new cryptoassets like Bitcoin, the government established a Cryptoassets Taskforce, consisting of the Treasury, Bank of England and Financial Conduct Authority.

“This taskforce will be reporting in the summer,” he stated, adding: “It will set out an approach that balances the need to encourage innovation and growth, whilst managing the risks.”

Danial Daychopan, founder of blockchain payments firm Plutus, commented that the technology addresses three key issues – decentralisation, security and incentives.

“With the recent exposure of social media giants and data analytics companies, there has never been a more promising time for organisations to start understanding the benefits of blockchain technology,” he stated. “Organisations now have the power and information of individuals’ personal data, bringing into question the impact these large data companies can have, affecting global and social economies of scale.”

Daychopan added that consumers and governments are demanding greater levels of accountability and transparency. “Blockchain will allow the future innovators accessibility to the tools of the future, very similar to what the internet did for the world of communication.”

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