can I find out more?
recently defined the research priorities for our collaborative
blockchain project with Innovate Finance, which will
use our advanced computing technologies, novel architectures and technical
experts to address some of the challenges associated with blockchain technology
such as scalability, energy-efficiency and speed.
is a technology used to record data in a distributed ledger system. It gained prominence as
the technology that underpins Bitcoin currency, built to provide a record of
transactions on a visible ledger shared between different parties – working in
a similar way to a peer-to-peer file-sharing network.
a transaction is recorded, all the parties must agree and validate it before it
is accepted, so rather than having one trusted authority, Blockchain is an
example of a digital technology enabling a central authorising body. In terms
of security, this is useful because once the new piece of information is
verified and logged, all parties host it concurrently, so it becomes incredibly
difficult to corrupt covertly. In order to change a piece of information or
transaction logged on it, you would need to access and change the record on
every single distributed host in the network, individually, to circumvent the
need for widespread authentication. This makes blockchain much less vulnerable
to crimes such as fraud or hacking, as information recorded on it is almost
impossible to change.
could it be applied?
is an intriguing technology for any industry that is looking to reduce the risk
of fraud or tampering within a system that records data or deals with
transactions - making it particularly applicable to financial and related
industries. It has recently become something of a buzzword in the FinTech
sector, due to its potential to transform the way we interact with the digital
world. Some example applications include secure identity verification, money
transfer and even the prevention of music and media piracy. Blockchain
has enormous potential as a disruptive digital technology, and some, such as
Kevin Kelly, author of The Inevitable,
have suggested that it is only a matter of time before we see it replacing
single organisations and authorities as the gatekeepers to data with
peer-to-peer distributed authorities.
from using a good old-fashioned search engine, Innovate Finance has a series of
useful resources on its website. We’ve listed a few here for your convenience:
Blockchain in the UK
Demystifying the blockchain
Blockchain in 60 seconds