By 2027 10% of the global Gross Domestic Product or GDP would be going to be stored in the block chain technology as per report of World Economic Forum impacting businesses across the world in terms of business governance, transaction handling and on ownership of the data produced.
One of the reputed and renowned blockchain experts Mr. Mark van Rijmenam who is the author of the bestselling book “Think Bigger” has put views on blockchain Technology when interviewed by Oracle.
Definition of Blockchain Technology
Definition of Blockchain Technology as defined by Mark van Rijmenam is a database which can be written and read but not edited making the data immutable.
Hash algorithms make data verifiable so that you can see it has not been changed additionally the data on the blockchain gets time stamped so that the data is traceable throughout the entire ledger.
The three features of blockchain such as verifiability, immutability and traceability makes it game changer to create all types of applications that were not possible in the past.
What Kind of Infrastructure would be needed to Support Block Chain Projects
The challenges faced by blockchain technology are about high speed transactions.
Right now, institutions such as banks need to perform high speed transactions to get benefited by using blockchain technology.
Role of Enterprises in putting Technologies that Support Blockchain Projects
Mr. Mark van Rijmenam opines that for enterprises blockchain technology is a means to an end that means not every problem requires blockchain and it is useful for enterprises to collaborate with different entities.
When there is a transaction going on and there is a trust issue then block chain comes into action and organizations need to look at the technology from an angle to see if it is relevant to them.
In addition, enterprises need to findsolutions that prohibit putting data in the cloud such as the effect of GDPR (General Data Protection Regulation) on enterprises inside the European Union and those outside EU who handle and process data of EU residents.
Some Examples Where Blockchain Technology would be Appropriate
According to Mr. Mark van Rijmenam – using blockchain technology in case of healthcare industry would result in tokenized patient records on the blockchain and as these records are owned by the patients they will determine what or who gets access to the data or if organizations need to be allowed access of these or not.
In case of financial industry, one can track where the certain money came from and in case of supply chain industry one can have access to details about a shipment.
Though blockchain technology it is possible to trace the life of a product or data in a transparent way.
Role of IT Professionals in Building Out Their Strategy
IT professionals are required to be familiar with different technologies that are being developed and they should be aware of cryptography that plays a massive role in blockchain technology.
In case of data scientists they need to work very differently with data to analyze it and use it.
About Convergence of Big Data and BlockChain
In a white paper about the convergence of big data and blockchain, Mark van Rijmenam has written that the main thing that would change is the movement of data from centralized organizations that are using the data to the person or organization that has created the data.
This would need a different type of consent for using and analyzing theprospective data. For instances, users may offer a platform to access certain pieces of data for free on one hand and on another hand the user of the data may require a platform to pay for accessing other types of data.
The Real Implications for Governance and its effect on Enterprises
Blockchain technology ensures transparency such as smart contracts ensuring contracts are done correctly and becoming immutable.
From this perspective, blockchain helps in making the governance more transparent.
Future Applications for BlockChain that may Come to Fruition in the not so Distant Future
There are still 1.5 billion people who do not have an official government issued identity and 2 billion people who are not yet included in banking channels.
Blockchain can help solve these problems by connecting these people to the economic stream thereby helping in the removal of poverty, reduce the effects of climate change, and get rid of fraud and in improving democratic systems.
Finally, Mr. Mark van Rijmenam in his next book is going to reveal facts about how blockchain technology will improve businesses and the world order.