{"id":22088,"date":"2017-07-26T10:00:00","date_gmt":"2017-07-26T08:00:00","guid":{"rendered":"https:\/\/www.euruni.edu\/blog\/?p=22088"},"modified":"2019-06-21T15:37:08","modified_gmt":"2019-06-21T13:37:08","slug":"blockchain-technology-hype","status":"publish","type":"post","link":"https:\/\/www.euruni.edu\/blog\/blockchain-technology-hype\/","title":{"rendered":"Blockchain Technology: Should you Believe the Hype?"},"content":{"rendered":"<p>Recently, there has been a lot of hype surrounding <strong>Blockchain<\/strong>. The shared database technology behind cryptocurrencies such as <strong>Bitcoin,<\/strong> is an open digital ledger that provides a secure way of making transactions between two or more users. This\u00a0unique technology\u00a0could reshape the\u00a0way we conduct\u00a0business and\u00a0access information. But, it could also completely reshape\u00a0our way of living.<\/p>\n<h2>What&#8217;s all the fuss?<\/h2>\n<p>Blockchain technology was developed in 2008 and can trigger transactions according to previously acquired knowledge.\u00a0It&#8217;s important to\u00a0note that Blockchain isn\u2019t a \u2018disruptive\u2019 innovation that can affect a traditional business model with a lower-cost strategy and steal market shares from existing firms. It is in fact\u00a0a radical innovation that will slowly but surely lead to a profound shift.<\/p>\n<p>Blockchain can be labeled\u00a0as a major element of the evolution of the\u00a0online era,\u00a0with a new set of decentralized apps. In terms of financial transactions, it\u2019s best known for cryptocurrencies\u00a0such as\u00a0<strong>BitCoin<\/strong> and <strong>Ethereum<\/strong>.\u00a0However,\u00a0experts claim that it will take around a decade for Blockchain to penetrate all our financial and social frameworks.<\/p>\n<p>Another reason for all the hype is the fact that, with the aid of artificial intelligence tools, it could drastically reduce the cost of transactions between peers by avoiding the use of an intermediary. It can record all exchanges between one or more parties in a permanent way.<\/p>\n<p>Think about how businesses function now. Today, mega data analysis and IT software are core aspects of any business. Blockchain would provide the framework for seamless interaction between departments within a company. It would do this by integrating a huge amount of data with customizable in-app smart learning algorithms. The technology stands out because it is highly secure and ensures contracts are traceable through computational lockers.<\/p>\n<h2>What does the future hold?<\/h2>\n<p>That being said, the amount of knowledge that could be exchanged within seconds on a peer-to-peer basis could potentially have a huge social impact of unpredictable value. The idea of a sustainable monetary system through blockchains is thought-provoking and has led to great speculation among\u00a0the technological and economic communities.<\/p>\n<p>Professor Bernard Lietaer, former President of Belgium\u2019s Electronic Payment System, spoke at the Bitcoin Wednesday Forum, advocating\u00a0a compelling democratic future, in which user issued currencies will\u00a0replace traditional\u00a0banking.<\/p>\n<p>Blockchain technology can build upon the online digital transformation of society,\u00a0enabling\u00a0people to\u00a0share knowledge, energy and value through a transparent and secure channel.<\/p>\n<p>However, Blockchain won\u2019t take over without raising any\u00a0ethical questions. How much can we rely on the programing community? Will\u00a0artificial intelligence\u00a0be social-oriented or profit-driven? Will Blockchain help to redistribute wealth and close\u00a0the\u00a0rich\/poor divide\u00a0within society? Finally, will it be helpful in achieving <a href=\"https:\/\/www.euruni.edu\/blog\/the-future-of-sustainability\/\" target=\"_blank\" rel=\"noopener noreferrer\">sustainable development goals<\/a>? There is a lot of speculation. But we can be sure that our generation will be responsible for driving humanity to the next curve.<\/p>\n<p>The world is changing fast. Exciting times are yet to come.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recently, there has been a lot of hype surrounding Blockchain. The shared database technology behind cryptocurrencies such as Bitcoin, is an open digital ledger that provides a secure way of making transactions between two or more users. This\u00a0unique technology\u00a0could reshape the\u00a0way we conduct\u00a0business and\u00a0access information. But, it could also completely reshape\u00a0our way of living. What&#8217;s all the fuss? Blockchain technology was developed in 2008 and can trigger transactions according to previously acquired knowledge.\u00a0It&#8217;s important to\u00a0note that Blockchain isn\u2019t a \u2018disruptive\u2019 innovation that can affect a traditional business model with a lower-cost strategy and steal market shares from existing firms. It [&hellip;]<\/p>\n","protected":false},"author":18710,"featured_media":22091,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[635],"tags":[1785,1386,1466,628],"class_list":["post-22088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-students","tag-by-students","tag-innovation-and-technology","tag-new-technologies","tag-students-blog-article","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Blockchain Technology: Should you Believe the Hype? | EU Business School<\/title>\r\n<meta name=\"description\" content=\"There is a lot of hype surrounding the Blockchain, the shared database technology behind Bitcoin. What&#039;s it all about?\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.euruni.edu\/blog\/blockchain-technology-hype\/\" \/>\r\n<meta name=\"author\" content=\"Pietro Visetti\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.euruni.edu\\\/blog\\\/blockchain-technology-hype\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"EU Blog\",\"item\":\"https:\\\/\\\/www.euruni.edu\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"EU Community\",\"item\":\"https:\\\/\\\/www.euruni.edu\\\/blog\\\/category\\\/eu-business-school-community\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"EU Students\",\"item\":\"https:\\\/\\\/www.euruni.edu\\\/blog\\\/category\\\/eu-business-school-community\\\/students\\\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Blockchain Technology: Should you Believe the Hype?\"}]}]}<\/script>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Blockchain Technology: Should you Believe the Hype? | EU Business School","description":"There is a lot of hype surrounding the Blockchain, the shared database technology behind Bitcoin. What's it all about?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.euruni.edu\/blog\/blockchain-technology-hype\/","author":"Pietro Visetti","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/www.euruni.edu\/blog\/blockchain-technology-hype\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"EU Blog","item":"https:\/\/www.euruni.edu\/blog\/"},{"@type":"ListItem","position":2,"name":"EU Community","item":"https:\/\/www.euruni.edu\/blog\/category\/eu-business-school-community\/"},{"@type":"ListItem","position":3,"name":"EU Students","item":"https:\/\/www.euruni.edu\/blog\/category\/eu-business-school-community\/students\/"},{"@type":"ListItem","position":4,"name":"Blockchain Technology: Should you Believe the Hype?"}]}]}},"_links":{"self":[{"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/posts\/22088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/users\/18710"}],"replies":[{"embeddable":true,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/comments?post=22088"}],"version-history":[{"count":25,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/posts\/22088\/revisions"}],"predecessor-version":[{"id":22120,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/posts\/22088\/revisions\/22120"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/media\/22091"}],"wp:attachment":[{"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/media?parent=22088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/categories?post=22088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.euruni.edu\/blog\/wp-json\/wp\/v2\/tags?post=22088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}