Fast acceleration of technology development is caused by unprecedented consumers’ and organizations’ behavior. Never before we used to adopt so easily the idea of new. Change and evolution is happening at such level of speed that we miss at least one essential opportunity a day.
We have already adopted smart home applications and started to use voice commands in our houses and offices. We have been able to respond well to the recent crisis as many organizations and individuals had available the technology needed to work remotely.
Several technologies have grown exponentially within the last decade but the blockchain became the new backbone of the internet.
Blockchain represents a groundbreaking technology that changed the way we see the future and think business strategy. The first concept of ‘chain of blocks’ was written in 1991 followed by the systematic development of what we know today as ‘blockchain’.
One of the main reasons companies use blockchain is to gain more transparency and accuracy within their digital interaction. Gradually the technology awareness has increased amongst various industries from infrastructure to government.
Blockchain as a new critical priority
The new technology raised many questions at the beginning, but now more and more organizations are starting to adopt it. Based on a study conducted by Deloitte last year, the business leaders started to shift from the questions like “Will blockchain work?” to “How can we make blockchain work for us?”
53% of global large organizations say that blockchain is a critical priority to their business.
The increasing number of use cases in the market helped leaders to gain more confidence and seize more opportunities. The annual global spending on blockchain applications tripled since 2017 and will reach approximately $16 billion by 2023.
As we speak, fintech is the blockchain leader, but the technology initiatives are diversified by players in industries like technology, media, telecommunications, life sciences, health care, and government. The diversification phase offered organizations a great opportunity to explore several new perspectives and to expand the use of blockchain.
Future proof your business applications
Like any other innovation, blockchain adoption has its own barriers to entry, especially when dealt with long term investments and commitments. At this stage, we are working alongside innovative and visionary leaders who are future-proofing their technology and respond fast to the changes in the market.
By contrast, there is a great demand for the late adopters to better understand how the implementation is happening and how they can overcome regulatory issues and security threats. More use cases are raising more interest.
Within the last two years we have clarified the confusion between the blockchain and cryptocurrency and stopped seeing blockchain as an alternative economy.
Now it is the right time to focus on business applications and innovation we can create by using blockchain technology. It is relevant for leaders to start asking more strategic questions about blockchain and start envisioning their future solutions..
YOUR BLOCKCHAIN TRANSFORMATION PARTNER
A blockchain consists of a series of immutable records of data managed by a cluster of computers belonging to different entities. Each of these blocks of data is secured and bound to each other according to cryptographic principles. As a result, the whole blockchain network has no central authority, and that’s exactly what turns it into a genuinely democratized system, where information is open to everyone involved.
How blockchain works
The blockchain is a simple and smart way to automatically and safely pass information from A to B. To initiate the process, one party of the transaction creates a block.
Thousands or millions of computers distributed all over the internet verify this block which is added to a chain and stored across the internet. Thus, a unique record with a unique history is created. Falsifying one record would imply falsifying the entire chain in millions of instances, which is virtually impossible. It is highly secure and free. Besides transferring and storing money (or any other data), the blockchain can also replace all processes and business models that are built on charging a small fee for any kind of transaction. The result consists of a free decentralized system, where you can be in charge of your own funds and aware of everything that happens to them.