I have been researching and reading about this new technology, which is one of the main components of Bitcoin, the cryptocurrency.
Blockchain as a technology is a new development in Information Technology, it requires an understanding of programming as well as basic accounting, such as what is a ledger.
It is founded on smart contracts, contracts which through algorithms enter automatically in function, as well as distributed ledger, a ledger which is controlled and shared among anonymous parties.
So what is a blockchain?
As the name implies, informations is held in packages then shared among multiple anonymous users, which verify their informations.
This informations are held not on a single storage but among immediate intermediaries.
How is Blockchain related to Innovation?
Blockchain as an innovation is related to how the storage and the flow of informations will happen. It changes how business conduct themself, as now transactions happens through intermediaries, in the blockchain, the transaction is direct, but the trust system is shared.
Is innovative because this influences various industries, such as Healthcare, Banking, Finance, Energy, among others industries.
How it relates to what I do?
In principle i am a newbiee, a new user of sharing communications, and my work is on establishing what can be of advantage to my business and my future. I believe that this new technology has a potential of changing many industries, and currently many are working on development of blockchain and cryptocurrency as a mean of staying competitive, although its development is complicated and costly, i believe that a sustainable competitive advantage can be reached if this technology will be implemented with sustainable resources and energy solutions, thus in my case, is good as it gives many future opportunities of work.
How much this development cost?
I found various prices on the internet, from $3500 for smart contract and token development by polygant, to $500 000 for a full Initial Coin Offering, this is an enormous cost, and i believe in the future the cost of development will decrease, but for now is better to observe.