World’s leading business magazine Forbes is partnering with blockchain start-up Civil to publish its content on the blockchain platform. The magazine is merging Civil’s software with its content management system so that it can start uploading content on a decentralized system beginning 2019. This arrangement is expected to make it impossible for a third party to alter or remove Forbes’ content.
Forbes is experimenting with the blockchain platform, per the agreement with Civil. The magazine will publish metadata from few articles on the platform in the first quarter of next year and if results are affirmative, it may publish metadata from all of its articles on blockchain later.
Forbes’ move to test blockchain comes at a time when the technology is gaining momentum outside the cryptocurrency market and more industries are realizing its potential as a secure, fast, inexpensive and accurate system.
Earlier in May, Facebook (FB - Free Report) created a blockchain division led by David Marcus, former PayPal president and ex-boss of Facebook Messenger. The social media giant aims to explore the technology and discover its potential uses for Facebook.
Blockchain technology’s rapid implementation across industries such as insurance, supply chain management, automobile, payments, banking, and media is making these businesses immune to cyber-attacks.
What Makes Blockchain Effective?
Blockchain’s robustness lies in its architecture. The technology’s decentralized system that stores information in a peer-to-peer manner makes it extremely secure as more than one copy of the information exists on multiple systems. Encrypted and time-stamped information is stored in blocks which can only be accessed and altered by users who hold a private key to unlock the block. These blocks are interlinked and thus form a chain.
Whenever information is changed in any block, the entire chain gets updated. Therefore, any attempt to hack this system can be easily noticed and data breach can be stopped at a preliminary stage without affecting information.
Blockchain’s effectiveness in recordkeeping and security gives it a powerful stance over other technologies popular in the domain. Given the frequency of cyber-attacks on corporate giants, blockchain’s secure platform stands to gain fast adoption by companies globally.
Who Else is Betting on Blockchain Technology?
Major corporate giants including Apple (AAPL - Free Report) , Alphabet (GOOGL - Free Report) , Microsoft (MSFT - Free Report) , Qualcomm (QCOM - Free Report) , Dell and Berkshire Hathaway have started exploring blockchain and its implementations.
According to MarketsandMarkets, global blockchain operations are expected to witness a compound annual growth rate of 79.6%to USD 7,683.7 million by 2022. Given the growth forecast for blockchain, investors should keep the related stocks in their watch list.
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