Gartner tech trends 2020: practical applications for blockchain

Gartner tech trends 2020: practical applications for blockchain

Blockchain Cyber Security According to Gartner’s top 10 strategic technology predictions, 2020 will be a bumper year for blockchain According to Gartner’s top 10 strategic technology predictions , 2020 will be a bumper year for everything from the Internet of Things (IoT) and edge computing to human augmentation and automation.

It will also see the beginnings of maturity for a technology that has been gaining momentum for almost three decades while being the focus of intense hype, skepticism and confusion over its potential applications.

In 1991, Stuart Haber and W Scott Stornetta proposed the idea of a series of append-only, cryptographically interlinked ‘blocks’ in their paper How to Timestamp a Digital Document . Although Haber and Stornetta’s work remained theoretical for another 17 years, this was the birth of blockchain.

“Blockchain is a type of distributed ledger, an expanding chronologically ordered list of cryptographically signed, irrevocable transactional records shared by all participants in a network,” describes the Gartner report.

In an eight page paper, released in October 2008, someone (or someones) operating under the pseudonym Satoshi Nakamoto released another paper. Bearing the title Bitcoin: A Peer-to-Peer Electronic Cash System , the paper detailed a blockchain-based, “purely peer-to-peer version of electronic cash”. The proposed purpose was to eliminate the need for funds transferred electronically to pass through a financial institution acting as a trusted third party. “The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work,” wrote […]