3 Things We Didn’t Know About Blockchain That We Do Now

In our never-ending pursuit of useful knowledge, Propeller attended ‘Unlocking the Blockchain’, the latest in the Breakfast Briefing series hosted by trade boy BIMA. The informative discussion was based around understanding blockchain and bitcoin, and how their wider applications could impact on consumers in the near future.

Speaking at the event were Leanne Kemp, Founder & CEO of Everledger, Alan Graham, co-founder of OCL, Benjamin Maugain, Technical Project Manager of Cyber-Duck, Dave Hrycyszyn, Founding Partner of Head London, Simon Gill, Chief Creative Officer UK & MENA of DigitasLBi and Suzy Thomas, Head of Customer Experience at CitizenSafe.

  1. It’s not just used as Fintech

Blockchain and bitcoin technology is being implemented in all sorts of fields, from making sure your identity is secure to solving copyright issues in the music industry.

  1. The technology for bitcoin is not quite there yet

It takes a long time and a lot of energy in order to mine just one bitcoin. Improving this technology is predicted to take three to five years, and will need to happen if bitcoin is going to challenge established currencies in popularity. One bitcoin is currently valued at £5.50.

  1. The public will decide whether blockchain is used

Like many other exciting innovations, there is no guarantee the services provided by blockchain will become commonplace. It will be up to the public whether they see these applications as preferable to their current processes for banking, music copywriting, identity security etc.