I've written about blockchain in the past, but I now see many firms exploring applications. In the early days, people confused negative attitudes about the digital currency Bitcoin with blockchain, the underlying technology. Deloitte Insights for CIO's recently published a blog post in the Wall Street Journal. They say: “Blockchain solutions are designed to record specific transactional data intended to be shared across a network of parties in situations where transparency and collaboration are mission-critical. They say that blockchain is not a substitute for an enterprise database as blockchain-powered solutions are not optimized for high-volume data that requires privacy and instantaneous access.
While they suggest that the technology could help standardize health care information by establishing a transactional layer on which a range of stakeholders can securely collaborate, they stress that it is not a panacea for data standardization or system integration challenges. The International Organization for Standardization (ISO) received a proposal to develop standards around the technology and SWIFT is also active in the space in financial services. Forward thinking vertical standards organizations are not ignoring such developments either as they are keepers of the industry lingua franca.