Blockchain is all the rage. We are constantly bombarded by reports of how it will change the world. While it may alter many aspects of our lives, our suspicion is that they will be in areas that we experience only indirectly. That is, blockchain technology mostly will change the implementation of invisible processes – what businesses think of as their back-office functions.
A blockchain is a record-keeping mechanism. In that sense, it is simply a 21st-century version of the recording systems that have been around since people started chiselling marks on cave walls. Over the millennia we have moved from ledgers that are carved into clay and stone to ones that are digital.