Blockchain has been known as the technology supporting the digital currency bitcoin, but now it is getting a new reputation in the world of distributed ledger technology. This interesting information came to us from Image & Data Manager in their article, “Why should records management professionals care about blockchain?

Bitcoin is the digital currency that makes it possible for parties in a transaction to exchange money without the need for intermediaries like banks or credit card processors. As you can imagine, this doesn’t make the traditional banking industry very happy or feeling very secure about their future.

Blockchain does support bitcoin but it is also an important technology for records management professionals to understand because it has broad implications for securing and authenticating intellectual property. As a digital mechanism that enables people who don’t know each other to engage in trusted transactions with full confidence in the integrity of the assets being exchanged, it is easy to see that many valuables could be transferred and shared using this technology.

Its biggest advantage? Anonymity.

Melody K. Smith

Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.