Blockchain review: BOND project (Blockchains Boosting Finnish Industry) report

Blockchain is a decentralized transaction and data management technologydeveloped first for Bitcoin cryptocurrency. The possibilities of the blockchaintechnology has inspired and fueled an entire ecosystem around it, focused onfully unleashing its potential. The area has had exponential growth in the pastcouple of years, leading to a number of platforms, applications, startups,projects and research around this new invention. Several companies and publicorganizations/foundations develop blockchain platforms that are mostly opensourced. The platforms enable fast prototyping, development and deployment ofnew blockchain applications. There are also new kind of platforms underdevelopment all the time, including Industrial Internet of Things based on theblockchain technology. The feasibility of blockchain technology depends on theuse case where it will be applied. The use case should have clear needs fordatabase shared by multiple parties and multiple writers, consensus, interactingmodifications, trust and undesirability for intermediation. Blockchain technologyhas the potential to improve the efficiency and security of transactions andrecord keeping across a variety of mainstream processes and regulatedindustries. Most of the realized use cases of the blockchain relate to the financialsector, but there are many non-financial use case ideas that might realize in thefuture.