A lot has already been said about Blockchain, the technology at the heart of bitcoin, and its potential to transform the world. The most cutting-edge technology today, blockchain has already attracted high attention, and is rumored to be bigger than even the internet.
However, most people associate blockchain exclusively with cryptocurrencies, which is just one of the applications (or use-cases) to address the issue of double spending. Potentially, blockchain has many more use-cases across industries which should be explored further.
Blockchain is a decentralised
computation and information sharing platform. It acts as a distributed ledger and
addresses the problem of trust among unknown nodes in the network. This highly
futuristic technology is:
Immutable: Blockchain is tamper-proof to a large extent, providing its
users with the confidence to share information across networks using
Simple and cost-effective: Blockchain reduces intermediaries and
eliminates brokerage by implementing smart contracts, making it one of the most
cost-effective solutions out there.
Transparent: With a distributed ledger, records are transmitted to all
the required nodes, resulting in enhanced transparency in the system.
Personally, I can foresee many
use-cases for blockchain’s industry-wide implementation:
Supply Chain and Logistics
Digital Rights and E-Voting
For blockchain to become the next
wave digital sensation, we need to address a few challenges today:
Technological design flaws: Industry use-case of blockchain
designs are still in nascent stages and need to be fine-tuned to make them more
user-friendly. For example, design flaws in smart-contract coding need to be
Scalability: To be the next wave
sensation, current blockchain platforms such as Ethereum or Bitcoin need to be
scalable. The current network speed is often unable to support the rapidly growing
userbase, resulting in transactions taking a longer time to process.
Adaptability challenge: Blockchain still faces
the challenge of mass adaptability due to the apprehension of criminal
connections owed to its anonymity feature. Additionally, there are no industry
standards currently in place to segregate genuine users from the non-genuine ones.
Lack of regulations: Many countries are still
not open to adopt blockchain due to little to no regulations in place for
different industry use-cases.
Lack of skillset: Since blockchain is
still in its initial adoption phase, most individuals and organisations lack
the required skills for setting up a blockchain ecosystem (for example: Blockchain
Developers, Blockchain Architects, Blockchain Business Users, and more).
Blockchain truly has the potential to
completely transform the fundamental way of doing business, provided the
challenges mentioned above are addressed in a timely manner. Blockchain, along
with technologies like Cloud Computing and Artificial Intelligence, can ensure
widespread industry adoption by addressing these challenges. It has the potential
to impact billions of people across the world in a positive way and make a
significant change in this bubbling digital world.
Personally, I believe that while the
2000s were part of the Internet Era, the 2020s will be the era of blockchain.
This was the major reason I recently decided to complete my certification in
blockchain as well. The need to remain skilled and equipped with this
futuristic technology is an important part of my continuous learning process,
helping me become a T-shaped professional with a competitive advantage over my
Are you a young leader focussed on
the lifelong process of learning? Blockchain might just be your answer!
Atul Anand is a GMBA ’11 alumnus from SP
Jain School of Global Management with a specialisation in IT Management.
Prior to joining SP Jain, he completed the “Advance Program in Strategic
Management” from IIM Calcutta. Atul is an active volunteer for the “Art of Living”
foundation and has been practicing yoga for more than a decade.
With more than 12 years of experience
in different multinationals across the world, he is currently working with
Syngenta Service Private Limited, Pune as the Regional Client Experience
Manager- APAC. Atul has also received several awards for his contributions in