The Blockchain is the inspired invention of Satoshi Nakamoto (it is unclear if this is a single person, or a group of people who are using this pseudonym), that was originally designed for digital currencies such as, Bitcoin.
Blockchain is incorruptible, meaning it can be used as a digital ledger of financial transactions, and has now evolved into a potentially new form of internet, as anything of value can be recorded without fear of being replicated or corrupted.
It does this by automatically updating nodes (computers linked to the main network), as opposed to updating from a central hub. The risk of breaches are seriously reduced due to each block in the chain (hence Blockchain) containing the information from the blocks before it, which are encrypted to ensure data is impermeable.
This method is set to change how financial institutions such as, banks, insurance companies, and stock markets operate, through its ability to function as a public ledger containing each transaction, and because of the multiple copies downloaded onto each node, which are automatically updated at every transaction.
Blockchain, Bitcoin, and other cryptocurrencies are likely to have far reaching implications for every industry, including the translation sector.
Blockchain can facilitate faster transactions, in cryptocurrencies, meaning freelance translators and linguists can be paid immediately on completion of work, and could potentially mean translators in developing countries are able to access different pay systems which would otherwise be unavailable to them.
The translation industry could have access to an unlimited number of freelance linguists, in every corner of the globe, once a universal payment system has been instigated and adopted. There would be no need for delayed bank transfers, PayPal, or payment types limited to specific countries, but instead, a universal payment facility that anyone with a computer can access.
There is also the option for translation service providers to use Blockchain systems in a bid to speed up the translation process, and improve editing or proof reading. For example, one translator could access the Blockchain and translate the first few lines – they could be paid immediately upon completion. The next translator could then translate the following 10 lines –be paid immediately for their work, and so on.
This process has the added benefit of many translators working together on a mutually beneficial project. The Blockchain translation could move around the globe, be updated, and completed in a fraction of the time of traditional translations due to the combined forces of the translators, and these ease of access of information.
However, there are still many who are reluctant to adopt this new technology due to concerns over security and fraud which have yet to be realised. Many financial institutions have launched their own investigations into the technologies surrounding Blockchain and cryptocurrencies so it may be some time before many other industries adopt this type of technology within their working practices.
