The technology likely to have the greatest impact on the future of the world economy has arrived, and it’s not self-driving cars, solar energy, or artificial intelligence. It’s called the blockchain.
The first generation of the digital revolution brought us the Internet of information. The second generation, powered by blockchain technology, is bringing us the Internet of value: a new, distributed platform that can help us reshape the world of business and transform the old order of human affairs for the better.
Writing a blog about Blockchain technology would be remiss without paying homage to Mr. Tapscott who has encapsulated and verbalized everything I have been thinking about lately.
His statement seems strong (and rather bold) but when we think of the world of cryptocurrency, Ethereum, Bitcoin, Digital Wallets, Hyperledger (my favourite), and other technology stacks based on Distributed Ledgers, one cannot but see it as a remarkably powerful tool that enables immutable transactions, and tamper-proof logic of data records storage. Being distributed and consensus backed by default, ledgers provide a free preview of secure and accurate data records, all in real-time, by simultaneously and consequently improving access to data, processing performance, and reducing overall administration costs.
And these are only the preliminaries, the ABCs of the Blockchain, and of course, there is so much more to it.
Let me get back to the part of the quote by Mr. Tapscott which addresses the blockchain technology as a power that brings the Internet of value, and as the idea of HOW it helps “… us reshape the world of business and transform the old order of human affairs for the better.”
Let me dissect this for you.
Blockchain technology can be revolutionary. It only requires individuals with an innovative mindset to envision strategizes and architectures that enable a wide range of solutions. These solutions have the power to revamp financial and business ecosystems. I enjoy making contributions towards business growth through technology advisory and business development.
Thus the interest in the construction industry.
The construction industry has been dogged with many pain-points but it is an industry that is ready and willing to embrace an incorruptible technology. A technology that aides in connecting many businesses through different kinds of relationships and contract hierarchies. This is where a strong blockchain infrastructure with a healthy set of smart contracts brings immediate benefits. It ensures smart solutions in areas of supply chain, construction information management (BIM, COBie), and regulation of payments.
To get an in-depth insight into the topic, read my White Paper on Blockchain in The Construction Industry.
The internet of value is all about leveraging a multitude of opportunities. As a Blockchain Evangelist, I believe that there are few limits to realizing the value of implementing technology that positively impacts businesses.
You tell me, what is not to love about accomplishing that?