It is hard to pay attention to the flow of news today and not hear about Bitcoin. Every segment of the news media — even celebrity gossip — seems to have an interest in this radical remake of value exchange. Bitcoin gets the headlines, but the underlying technology — blockchain — is the real news. It is a quintessential foundational technology, and it will have a big impact on engineering, manufacturing, and construction processes.
Blockchain’s Fundamental Capabilities
Before I get into how blockchain will be a game changer, let’s review the technology’s fundamental capabilities. Blockchain is a peer-to-peer network sitting on top of the Internet, just as the World Wide Web or the email protocol does. It took 30 years for the set of technologies we call the Internet to transform our business and personal lives. I believe it won’t take blockchain as long, because it isn’t starting from scratch; the Internet it needs has already been deployed.