Patrick Donovan of Schneider Electric’s Data Center Science Center explains blockchain’s impact on the data centres and the energy grids of the future
We are in the midst of a technological revolution. Born from the mysterious creation of the Bitcoin cryptocurrency in 2008, blockchain technologies fundamentally change how business transactions are made.
It can be applied to virtually any application involving transactions or the tracking of assets – either tangible or intangible. The promise of blockchain has led to much research, development and investment particularly in the realms of finance and supply chains. Many organizations are either experimenting with it or have fully deployed it in their day-to-day business operations.
In fact, almost 15% of financial institutions are using blockchain to some extent today already. Like any new tech trend, however, there is also hype and confusion. This article will provide a simple explanation of the technology, its benefits, and will discuss ideas on how data centres could be impacted and benefit from it in the coming years.
What is blockchain?
Blockchain has been the underlying technology for cryptocurrencies like Bitcoin. Some liken blockchain to being the operating system while Bitcoins could be considered a program or app….one of dozens, if not, hundreds of potential apps that blockchain can offer.
IBM describes blockchain as “a shared, distributed ledger that facilitates the process of recording transactions and tracking assets in a business network…virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.”