Past all the media attention and hype, the question still remains is blockchain worth taking seriously? With millions of dollars being invested into blockchain as a technology, it is one of the fastest-growing technologies in the tech space right now. But past this “cutting-edge” technology, many are wondering whether it is worth getting into and if it delivers business value or not?
To answer that question, we first need to understand the nuances of the technology. Blockchain, if it is to be explained in a line, is an immutable record of data which cannot be tampered with. In comparison to traditional technologies, this creates, in its own right a truly new way to look at and consume technology. To make understanding this simpler, data when entered into a blockchain database cannot be tampered with. This means that as compared to earlier use cases wherein traditional databases & ERPs could be easily manipulated by companies for profiteering/scams and manipulations, this is not possible when it comes to blockchain. If edited, the entire chain of data becomes null and void, rendering the data useless and therefore making it lose its seal of authenticity. Thus, blockchain helps in creating trust and transparency through the entire business ecosystem.
Now, the next question which comes to mind is how can modern-day businesses, leverage this new and exciting technology. The answer is pretty simple and straight-forward. Blockchain can be used as a seal of trust and transparency wherever there is a risk of data manipulation and fraud. Due to this, blockchain is being used by the world’s largest organizations to make create an ecosystem of trust and transparency. The technology is being used across multiple business domains such as ag-tech, finance and payments, certifications, supply chains, health care and so on and henceforth.
Thus, in its own right blockchain is a revolutionary technology which will make us see data and technology in an entirely new light. Supply chains, manufacturing, trading and business practices, in general, shall be re-imagined. However, all of this growth and potential comes with its own set of challenges. Blockchain systems are relatively slower as compared to traditional ERPs and CRMs, know-how is limited and the business use cases are still being tested out. However, with millions of dollars being invested into the technology a lot of progress is being made to make the process faster, effective, efficient and in increasing know-how industry-wide by investing large amounts of money in research and development.
Thus, in conclusion, I would like to say that, blockchain is going to revolutionize the way we look at data and technology as a whole. It will make organizations all around the world, re-imagine business models and processes. Blockchain at this juncture in time has everything to gain and almost nothing to lose. Let’s be on the look-out for this disruptive technology as it matures and consolidates itself in the business world.
Aditya Ranjan Sinha Roy, CEO, ARSR Group