Blockchain technology - the decentralized, open-source, digital ledger system - is what makes Bitcoin and the many other cryptocurrencies such as Ether, and Ripple virtual fraud proof. For the most part, the real-world applications of currencies running on blockchain have been as an alternative medium of exchange to the old fashioned central-banking systems present in the majority industrialized nations today. The necessity for the adoption of blockchain technology stems from the banks' inability to adequately serve the rapidly growing global economy.
As the technology grows and matures, it is becoming apparent that the application of blockchain technology as a tool for the modern enterprise is not limited to the banking industry. Its virtually fraud/hack-proof nature, combined with its ability to scale with the growth of the global economy makes blockchain technology the perfect candidate to secure the billions of smart devices that make up the network referred to as the Internet of Things.
Soon, the devices we all use on a daily basis will be connected to one another; communicating the trillions of data points that represent each of our lives. Much of this information will be very private and personal. It will need to be secured on a network that cannot be hacked, shutdown, lost, or stolen. The logical place for this data to be stored and managed is not in a centralized server that is owned and operated by some sort of government entity. It is on the blockchain. In the coming years, we will see a natural shift of enterprises moving their operations and securing their data using blockchain technology. It is only a matter of time before the devices those enterprises manufacture and sell to consumers will safely bring all of us online; creating a more efficient way of life for all of us on the internet of things.
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