How-to Guide to Define Your Tailored Blockchain Strategy?
by Pushp Kumar Dutt on November 27, 2018
Blockchain technology for those outside of the finance industry has not registered as anything more than cryptocurrencies such as Ethereum and Bitcoin. However, that's all about to dramatically change in the times to come.
As the technology matures, the concept of blockchain has been gaining more and more popularity with every passing day. Blockchain is no longer just restricted to the segment of finance. Its presence can be felt equally in segments like supply chain management, healthcare, and academic institutions to name a few.
In the years to come, blockchain technologies and functionalities are likely to shape the future across a wide range of industry verticals. This means one thing: Industry pioneers and business leaders will be increasingly encouraged and challenged at the same time to envision, develop, and nurture their respective blockchain strategies while figuring out how the technology can improve business operations within framework of the organization and lives of their consumers.
To truly and entirely harness the power of blockchain technologies, you must realize three things:
- what is the scope of the technology concerned on an elementary level;
- what early adoptions are available and where the potential lies;
- how to proceed with the development of creating your own personalized strategy.
Blockchain at its heart is a distributed and simplified approach for validating and storing transactions without relying on a centralized trust actor. The advantage? Put simply, blockchain creates and facilitates a shared, reliable source of truth.
Here are how things work: The blockchain technology thrives in situations and circumstances where a network is created by different stakeholders with a predefined purpose to mutually generate value in a peer-to-peer manner based on a smart contract. A distributed ledger is used by all participating parties to store transaction history. The best thing about the technology is that any potentially fraudulent data tampering with the transactions or data by a party can be easily identified and rejected by other network players.
This transparent and collaborative approach to transaction and data management is a critical shift from the vast majority of technology systems of today that store data in a centralized database, which is managed by a single actor that is prone to malicious, fraud consumer suspicion and external intrusion.
There is no denying the fact that blockchain technology is here to stay. Furthermore, it will have a transformative and significant impact on organizations globally over the course of time across different verticals, departments, and industries. The blockchain technology though still in its early stages would assist futuristic organizations to sharpen their focus and ride smoothly on the path to success and prosperity.