GETTY Blockchain is the technology which powers cryptocurrencies

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The research, commissioned by BTL Group, suggested 87 percent of respondents – almost 9 in 10 – felt blockchains could transform how companies do things, and offer solutions when it comes to the privacy and security of data.



The survey of 279 technical specialists also suggested data privacy was the highest priority among people working in IT at the moment, with 29 percent of them naming it as their top concern.



In addition, nearly two-thirds of them - 66 percent – are trialling or using blockchain technology.



Out of those who have not yet worked with the blockchain technology, almost half - 47 percent – said they would do so within the next two years.

GETTY Cryptocurrencies such as Bitcoin and Ethereum have seen their value fluctuate in recent months

Businesses are realising the inherent benefits that applications built on blockchain technology can provide when keeping people’s data private. Dominic McCann, CEO of BTL Group

A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography, and which by its very designed is resistant to modification of data.



Dominic McCann, CEO of BTL Group, which develops blockchain technology, said: “In a world of increasing concerns over the security and integrity of our data, individuals and businesses are realising the inherent benefits that applications built on blockchain technology can provide when keeping people’s data private.



“This research also illustrates just how many businesses are looking at using blockchain and of those that are yet to explore it, there is a significant proportion looking to do so in the next two years.”

Mr McCann was speaking the day before BTL Group’s launch of Interbit, a multiple blockchain platform - a next-generation platform aimed at offering “chain joining” capability to enable developers and businesses to build applications quicker, easier and more securely.



Tom Thompson, CTO of BTL Group, described the technology as the “next generation” of blockchain.



Cryptocurrencies are created and held electronically, unlike cash, and rather than being spent in shops, they are used for online transactions.

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