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It’s not blockchain any more. It’s DLT, Distributed Ledger Technology. The term blockchain has become synonymous with cryptocurrencies, but it is much more. The term DL or DLT is becoming more widespread as the applications grow where the technology is relevant.
PwC has called Blockchain a “tech breakthrough megatrend.” A recent Cisco report forecasts that with the potential of DLT, as much as 10 percent of the world’s information will be stored on blockchain by the year 2027.
Part of the appeal of blockchain/DLT is it’s ability to “automate trust.” That’s something many businesses, like digital ecommerce, want badly.
“The true innovation of blockchain technology is its great potential to automate trust among the parties using it. Transactions are settled in a collective fashion and recorded on a distributed ledger, which removes the need for an established third party to create a trusted relationship. Parties can directly use the technology as the source of truth in place of one another,” says Cisco.
DLT has also been identified as a catalyst that can spark optimization and change with smart cities, supply chain solutions and the internet of things (IoT).
Cisco isn’t the only company that has high hopes for DLT. Deloitte predicted that by 2025 that 10 percent of the world’s GDP will be based on blockchain.