Blockchain, the database protocol and distributed ledger technology underlying bitcoin has created a huge buzz as companies all over the world explore ways to use it to safely and securely streamline operations, reduce expenses and offer new products and services to their customers. The Financial Industry is just the first to exploit its potential.

The opportunity for Blockchain to be utilized as an efficient way to process huge numbers of micro-transactions creates viable markets for items that would never have been profitable in the past and the incredibly secure and tamper-resistant nature of the database means it can be used to create trustworthy transaction engines and data sources for heretofore unimaginable digital marketplaces and applications.

For those trying to take advantage of the opportunities created by blockchain, of which there are many, they can be challenging to implement. First and foremost, there aren’t many outside the financial industry who understand the technology. The nature of blockchain requires collaboration within a sector and mass implementation that may represent a huge change in how your organization is used to operating within your industry. While the distributed ledger itself is highly secure, it also requires indisputable information about the individuals sending and receiving transactions— all of which must be protected.