The cost of cybersecurity & data breaches soars, approaching $4B/year. More importantly, these breaches are tearing apart traditional business and political interactions like credit checks and campaign emails, and they have eroded trust in machine-to-machine interactions.
But blockchain technology – which to date has been used in conjunction with bitcoin – holds promise in establishing a new trusted framework for existing business models and securely scaling the Internet of Things. Blockchain technology puts all the control of personal information directly in each owner’s hands, and then uses a digital ledger to privately share only the needed details for a transaction to only the parties who need this data.
But while blockchain technology has the big potential to transform business operating models in the long term, what are the near-term challenges for engineering organizations who want to adopt the technology? How might it disrupt traditional design flows and methodologies?