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FEATURE: DISRUPTIVE TECHNOLOGY
Blockchain:
Transformative benefits
but with drawbacks
The distributed, decentralised
ledger technology of
Blockchain has the scope to
totally change the way most
enterprises do business.
However, as we discover, for
all the exciting possibilities
it offers it’s not necessarily
without its drawbacks.
B
lockchain represents a monumental shift in the way data
is shared. Use of a peer-to-peer system allows data to be
stored on thousands of servers all over the World. This has
the advantage of making it pretty much impossible for one
organisation to take control of the network and Blockchain certainly
offers the potential to save time and costs.
According to Markets and Markets, the global Blockchain market is
expected to reach US$2,312.5 million by 2021. Moreover, with the
recently launched 2021 UAE Blockchain Strategy, major banks, real-
estate and even postal services in the UAE are investing in Blockchain
technology to improve their cost base and business offerings.
As Kalle Bjorn, Director, Systems Engineering, Fortinet, explains:
“Blockchain is a shared and continuously reconciled database used to
maintain a list of digital records called blocks.
“It is quickly becoming an important tool not just for financial information
but also for managing and recording virtually all types of data, such
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