Proponents of blockchain can be certain that the day will come when articles will not start with a round of definitions
Maybe we are not quite there yet, but I don’t intend to add my definitions to those already out there, so for blockchain, distributed ledger technology (DLT), Cryptocurrencies and Smart Contracts Wikipedia offers a decent introduction.
Definitions aside, I firmly believe that these terms are well on their way to becoming as ubiquitous as another tech-term of recent times (epic, baritone voice)… ‘The Cloud’.
Now considered mainstream, Cloud and its multitude of use cases, applications and nuances continues to grow apace. Household names such as Microsoft, Google and Amazon dominate with their ‘as-a-service’ solutions and leading brands like Netflix made the move long ago, reaping the benefits to this day.
Maybe the definitive yardstick is that my Mum can offer a pretty good explanation of what The Cloud is (maybe less baritone, no less epic).
Of course, it wasn’t always so, and the early days of Cloud technology saw frenetic activity and a great deal less clarity.
A stampede of nebulous ideas burst from The Corral of The Traditional Way We Do Things, and as the dust settled businesses first adopted then adapted their approach to the cloud.
Elastic resources and OPEX commercial models brought about a shorter time to market for greater product range and choice. Service industries grew around the core tenets of Flexibility and Customer Choice. We now see Cloud Service Providers, Cloud Brokers and Cloud Consultants thriving in delivering vital advice, support and knowledge.
Now blockchain has knocked down the gates of its pen and is on a disruptive cross-vertical rampage. Whilst Bitcoin rapaciously consumed the column inches like a misbehaving Hollywood starlet, the Healthcare, Logistics, Legal and Manufacturing industries all embraced new decentralised processes and methodologies. The notorious cryptocurrency may have calmed in recent months, but many developments continue for blockchain elsewhere.
Various territories are openly and progressively addressing issues of regulation with Malta recently becoming the first country globally to establish regulatory frameworks offering supportive legislation for innovative blockchain pioneers and established players alike.
Some things however will not change. The decentralisation of transactions does not remove the need for connected, secured, and supported networks. The need for flexible, elastic and easily deployed IT resource does not cease to exist. Having knowledgeable, capable and experienced suppliers to provision, monitor and manage the underlying infra remains vital, and in some instances becomes even more crucial.
As with the Cloud beforehand, technology providers will evolve and adapt to this nascent technology
BMIT are Malta’s leading provider of Cloud, Data Centre and Managed Services, operating our own PCI-DSS and ISO:27001 compliant Public Cloud, Private Network and Data centres. From spinning-up a single VM to hold your wallet, to hosting your platforms and applications, we offer unparalleled expertise and experience in keeping online businesses online.