If there is anything creating a buzz globally, it ought to be Satoshi Nakamoto’s Brainchild-Blockchain Technology (Integrated Ledger System). It was actually started to secure and power the public ledgers for all Bitcoin Transactions.
Although still in its early stages, it has already captured variety of domains like :
- Banking to Supply chain Management.
- Human resources, Infrastructure, Information Technology to Healthcare
- Education and Academics to Media and online Digital Markets.
- Hospitality Industry, Retail Markets to Transportation and various Application based software.
- Urbanization or complete makeshift of state Infrastructure.
It is a phenomenon and is expected to be at its pinnacle by 2025. Amidst all this buzz, Blockchain has faced some criticism
Lets take a closer look at this phenomenon:
Blockchain Utility/Vitality in Various Sectors:-
Information Technology Market:
Powered with cloud computing shell under its hood, the block chain technology drives tech savvy giants to nurture their sales, revenues by reaching out to a mass of target customers, clients etc.
According to Roger Kay, president of Endpoint Technologies Associates Inc., Amit Zavery, senior vice president of Oracle Cloud Platform, the biggest USP of Blockchain lies in the “Trustworthiness to operate in multiple databases/records of even third parties and through enterprise record management thereby doubling the sales volume-profitability records”.
Retail, Card Segment Market: Blockchain is ushering fresh lease of life to Retail and debit/credit market. Walmart store Inc. along with credit/debit card major Visa Inc, have rationalized a new concept under cloud computing to stem up fast, hassle free payment procedure-just on “Click or Swipe” card round the code machine as well to store transaction records with utmost safety.
These has also been largely adapted by “Amazon Inc”, “Flipkart Inc”, and list of other Hyper and Superlative Market chains.
Come in early 2020, and credit/debit cards will have micro, nano chip sets and one have to just swipe in and out as off virtual transactions. It will thus record all transactions under cloud computing and with no erroneous records.
Supply-Chain Management or Logistical Preview:
The top gainers of the blockchain buzz would be in Logistical/Supply chain front. Blockchain would revolutionize the following: –
- Bring in Vastness and dynamism in managing and maintaining the short demand-supply chain curve,
- Decoding and recording the procurement and supply cycle within a short span of time.
- Arrangement of procured materials accordingly in racks and transfer of assets-like pallets, trailers, containers, etc. – as they move between supply chain nodes (Talking Logistics).
- Sharing pivotal role and information about manufacturing process, assembling and delivery, maintenance of products with suppliers, vendors and ultimate End Consumers.
- Managing End to End Procure-Supply Chain process like Tracking and Linkage of “Procured Goods, Order management, Shipment notifications and additions/deletions etc with the physical bar and fair-trade policy and codes.
- Decentralizing infrastructure and building a trust layer for business logic.
Possible Threats and how Blockchain Technology to be more a boon or bane?
Amidst all the leading advantages, Blockchain Technology can also seek major threats or implications like:-
- Advent of Monopolistic giants thus making lot of issues in emerging markets and tumbling of global shares.
- Misuse of Information and power through cloud computing and Blockchain cannot be overruled even though having a high secure end to end Networking module.
- Powering the ugly sword war on competition thereby leading to a different competitive market round knocking out even sometimes the best market leaders.
However, with all critical acclaims and failures, Blockchain Technology is a must as it will be at forefront to bolster a major Industrial revolution and also enhance overall security and safety of various data and analytics. Thus, needless to state that it will be the next buzzing and booming phenomenon that will even probably lead to advanced 21st and 22nd century.