Unblocking the value chain by blocks- Blockchain

Technology is the new eye for the brave new world of Industry 4.0 and digital transformation. It is a new medium to view the varied jig sawed landscape. Since technology has the teeth to cut through the noise, lead to optimal solutions which are socially, economically and environmentally friendly. The only question that remains is, do we have the true intent to move up while taking everyone along with transparency, feasibility and in an efficient manner to fulfill the Developmental goals of the century.

A lot of hindrance to growth especially for the developing markets is locked up, i.e., value in terms of land, labor and capital. Technology especially which promotes transparency along with distributed rights are key to bring harmony in this symphony, where interests of all stakeholders are protected. Decision making is smooth and all agreements are honored and complied upon in a timely way. Hindrances due to such barriers of entry to business promotes inefficiency, inhibits competition and put huge cost on projects.

Business suffers, open market competition pays the price and, in the end, societies lose faith which results in long term social distrust on institutions, in basic words, Businesses lose and systematic wealth creation is hampered. Changes should be welcomed, they ought to be welcomed like a new baby with open arms. It is said, only change is constant. No one can stop to change whose time has come. We may accept it or not no one can stop the time, the age of technology, which is at our doorstep. Maximum we can delay it by few years by our stubbornness.

In 90’s and early 2000’s it was said that tech are just bubbles in bath water. Now no one can deny the enormous impact tech has. Similarly, Tech 2.0 is at our doorstep, the deniers should step up and be adapters.

Blockchains find tremendous use by their properties of immutability, transparency and high level of security driven by Hash Encryption Technology. The information or varied data is encrypted using public and private keys which ensure secured accessibility. Different consensus mechanisms for example instance, Proof of Work and Proof of Stake ensures that the Peers in P2P network in majority behave honestly. The data can be permissioned or securely accessed on each or permissioned nodes for verification. The cost of tampering is too high as the network is Distributed (DLT) and dynamic decision making takes places for each transaction only via Consensus.

Blockchain can be a panacea for what all ails our inefficient, non-transparent public networks. Be it the transactions or agreements of Land entitlements, GIS surveys, public distribution systems or general administration. Industries have already begun to adopt this baby. IBM Hyperledger, Corda, Amazon, Logistics operators and other retailers are in fact at this very moment using them in limited scale

The problem from which Blockchain suffers is low scalability and non-transient communication between different Blockchains. It is also being looked up into via Seg-wit mechanism and refined Consensus Mechanisms. 

*Image Courtesy: Blockchain Basics: Alexander Tsikhilov

The only question remains are we ready to open our markets and allow technology to prosper. Are we ready for transparency in our public utility networks? Are we ready for true reform wherein no one dies from counterfeit pharmaceuticals and there is authentic and seamless connectivity of records?

The space age heralded the new materials and technology age, which we use so casually. Blockchain applications are immense and doesn’t have the narrow scope of Cryptocurrency only.

Cryptocurrencies are just one small part application of Blockchain. Allow technology to breath, it is a welcome fragrance of Hope!!