Author: Mr Harsh Bharwani, CEO and MD of Jetking Infotrain
The world around us is constantly changing, evolving, and posing new challenges to the status quo. From a ‘future is now’ perspective, powerful trends develop and remodel lives, push new technology, and modify business and human behaviour. Businesses must remain on top of these changes and respond accordingly.
In the last two decades, the Internet has altered many sectors of business and society, increasing the productivity of individuals and organisations. However, the underlying mechanics of how people and organisations do business with one another have not been updated for the twenty-first century. Blockchain has the ability to bring to those processes the transparency and efficiency that we have come to expect from the Internet Era.
The current status of blockchain can be compared to the early 1990s state of the Internet. While the ‘Internet of Information’ has changed our society over the previous two decades, we are now approaching a period in which Blockchain may do the same by ushering in a new paradigm that incorporates the ‘Internet of Trust’ and ‘Internet of Value.’ The financial services industry may be among the first to be impacted by the widespread use of Blockchain and similar Distributed Ledger Technologies. The extent to which this influence is felt will be determined by how rapidly industry participants capitalise on this technology and the level of support it obtains from a larger range of stakeholders.
Blockchain technology has the potential to secure digital assets such as medical records in the healthcare industry, which is also expected to go digital. It can also help to speed up claim processing and make it easier for patients to share information with other providers while still maintaining control.
In the media and entertainment industries, blockchain has the potential to remove or dramatically cut transaction costs. For example, a news website may use blockchain to charge customers per piece rather than per month. These low-cost micro-transactions can be processed on a blockchain without incurring the fees that conventional payment networks do. A blockchain ledger might be used to secure intellectual property such as music and film, allowing usage rights to be enforced.
The internet has created one of the most educated generations in history, with continual access to knowledge and alternative financial solutions, gaining significant market share from more traditional financial institutions. Gaining millennial trust and loyalty is becoming increasingly difficult as rising competition makes it harder for many legacy businesses to differentiate themselves only through pricing or offerings. Executives are acutely aware that the tides are shifting, and early adoption of blockchain technology may be the key to preventing sectors from dying totally.
By 2030, it is predicted that roughly 30% of the worldwide customer base would be using blockchain as a primary technology. Furthermore, blockchain will offer value to firms that are expected to increase by more than $170 billion by 2025. These statistics indicate that blockchain will dominate the future commercial market.
Not only will it have an impact on industry, but it will also have an impact on government organisations that deal with money. It will help to safeguard trades and transactions using cryptographic techniques, and no one will be able to alter the data.
Similarly, cryptocurrency transactions are visible and trackable, but no one can change the data. As a result, blockchain technology is much closer to the next generation of people.
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