| | SEPTEMBER 201919CIOReviewCIO INSIGHTSBlockchain is an often-misunderstood technology, with potentially wide-ranging applications across variety of sectors. With that said, the benefits of blockchain are often mis-contextualised­while the technology undoubtedly has the potential to revolutionize some areas; its relevance to others may well be overstated. So how can blockchain be used to the most significant effect? And in what areas has the hype outpaced the reality? Some consider blockchain to be a `distributed database,' or an immutable, enciphered journal of records. But the correct usage of blockchain is to establish a method for interested parties to reach a consensus on digital data, ensuring that integrity, security, and non-repudiation of data is maintained, without the interference of a centralized party with potentially vested interests. Blockchain technology ensures that everyone is accountable for the actions they perform in the chain and is most useful in models where multiple parties have a responsibility for digital accountability. The objective consensus it provides has far-reaching ramifications in areas such as banking networks, supply chain, medical records, and identity establishment. From around 2016 to 2018(around the height of the bitcoin boom) every problem statement in the world ended with the tagline `blockchain is the solution'. The tech industry let its imagination run wild, but as is often the case, some speculation was on the far side of fantastical. Not everything needs to be decentralized, and we have subsequently heard stories about failed blockchain in the travel, aerospace and pharmaceutical industries, among many others.By Vivek Awasthi, Chief Information Officer, Currencies Direct BLOCKCHAIN ­ WHERE DOES THE HYPE END AND REALITY BEGIN?
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