Sign In

BOND - Blockchains Boosting Finnish Industry

What is Blockchain?

​Blockchain has emerged as a disruptive technology that will have a profound impact on the way digital data and value is handled. In short, blockchain is an immutable public record of data that is cryptographically protected and secured by a network of peer-to-peer participants. This technology enables trust between two parties without an intermediary, such as notary, bank or public authority. This concept can be further applied to a huge number of activities: assets, identities, ownerships, contracts, balances, records and data can be tracked and exchanged on the blockchain, unleashing the global value flow.

Blockchain is expected to enable new digital economies and create new value. Combined with smart devices and Internet-of-things, blockchain can be applied to develop autonomous intelligent agents — for example, vending machines that keep track of their stock, automatically arrange call for bids with distributors when stock is low, and pay for the delivery when restock is made. Not only does blockchain technology create new business models and opportunities (for example through micropayments and peer-to-peer trading) but it also promotes trust, transparency, and traceability. The blockchain revolution has also been described especially interesting because it may actually turn out to be two separate revolutions that are both fundamental in their consequences: Firstly, it will massively boost the efficiency of industry-level data and value systems, and secondly, it provides a new, transparent platform for open, permissionless innovation.