Contact Form

Have queries for this product, fill out this form, and we will get back to you within 24 hours





Get Our Tips Straight To Your Inbox


Is Blockchain Still Worth Taking Seriously?

By Aditya Ranjan Sinha Roy, CEO, ARSR Group

 

 

 

 

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.

 

How to leverage the technology?

Now, the next question which comes to mind is how modern-day businesses can 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.

 

A revolutionary and disruptive technology

 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.

 

Author: Stoodnt Guest Author

Stoodnt Guest Author are experts, professors, teachers, tutors and professionals who want to share their advice, insights and guidance to students, young professionals and others.

Comments(0)

Related Posts

Top Courses and Career Options after B.Com | Trending Career Opportunities after B.Com – Infographic Tanmoy Ray

There are numerous career options after B.Com. You could go for jobs, postgraduate courses or professional courses. You need to identify your interests and career goals.…

Read More

How To Make A Career In Gaming Stoodnt Guest Author

By Mujahid Rupani, Co-founder & C.E.O, Cobx Gaming   The pinnacle of entertainment is here! With nearly a third of the 7.6 billion world population being…

Read More

Best Romantic Cities to Study Abroad Tanmoy Ray

Here you are…….. trying to figure out the best romantic cities to study abroad. But, you should focus more on finding the right university for…

Read More

Computer Science Careers in India: Top Colleges, Jobs and Salaries
Computer Science Careers in India: Top Colleges, Jobs and Salaries Tanmoy Ray

With the world becoming more and more digital, the scope for Computer Science is on a rise. According to NASSCOM, the Indian IT exports are expected to…

Read More