The great advances in technology go hand in hand with what is required socially and economically for the world. When we needed to move on from barter system, we introduced coins and currency, when we needed more subscribers for the content, the printing press came along, when we felt we must all be connected we got telephone and so on. The pressing need of today is that we must be able to trust the person anywhere in the world by just having a glimpse of their one or more data point. This has become quite important for the global good. It is quite necessary in the coming future when we will be more integrated to the global economy and when even the local trades can be utilised globally. Its implications are not only valid for the trade globally but it is also important for solving many political anomalies existing in present world especially risen from economic inequity of one sort or the other.
The global trade is expanding at an immense rate. Be it textiles, food, electronics or even the soft services like education or legal advice, we are buying stuff mostly from remote supplier. The supply chains are more and more complex now than a few years ago. And this complexity is only here to increase. The competitive business has given way to any other affinity in trade. Considering the trend will continue and even grow much faster in future, how will we have to rely less on local trust and more on technology. The staying connected is again the answer and this time it is not only for communication, but also for transactions and terms of contracts. This is where technology has taken the next leap forward building the chain of trust and it is called Blockchain. And the smart contracts which get executed through this technology are answer to building the trade of the future and bringing the transparency into the global economy.
The concept is no longer in infancy anymore, however the time has come when large institutions and governments must come forward to make it more mainstream.
How will the Blockchain technology solve the political and economical anomalies remains to be seen but it is certainly clear that the technology has a potential to bring enormous population on to digital space and hence in the circle of trust at much faster pace than we are used to in the times so far. To elaborate this, when the speed of transactions will increase and the dishonesty in business will be non-sustainable, the meritorious trades will thrive. The transactions will be in the notice of all the players including the regulators, of course, depending upon the construct of the Blockchain.
The technology has still lot to improve especially in terms of gaining the speed of transactions, winning the acceptance from the governments or be it in establishing itself in the different industries with varied use cases. However, certain organisations are showing very open approach, for example, that of IBM. The start small principle can definitely be encouraging for trying out the framework and the technology itself.
The organisations can use the framework of Blockchain technology, and for the beginners, get rid of the silos among the different departments and increase the efficiency in transactions that happen among the different departments.
Working in Transformation and introducing changes, I personally relate to how the bottlenecks can give way to added speed of progressing the things faster if the transacting parties, impacted parties and the governance parties are aware of each and every transaction. Welcome to the Micro-Blockchain.
Trust, transparency and technology enabled transactions, blockchain has a lot to offer in addition to bitcoin and we follow its development and how it can help clients grow faster.
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