Blockchain is rapidly transforming finance and has the potential to radically change many other sectors as well. Heavy industry, however, is generally conservative with respect to new technology. Consequently, says Nathan Zenero, senior industry consultant for Teradata, it is important to understand what the properties of blockchain are and to understand why one could, or rather should, consider using it.
“If blockchain could only be described in one word, that word would be “trust.” It is an ideal mechanism to establish trust among multiple parties, demonstrated by its seminal use case as an abstraction for currency. The currency paradigm is instructive because it demonstrates the core concepts that could be leveraged in other use cases.”
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