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How the new Blockchain Technology is helping businesses grow
How the new Blockchain Technology is helping businesses grow

August 16, 2021

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Blockchain is basically a tamper-proof, hack-proof digital way of data or information keeping. It is a sort of digital ledger that keeps transactions that could be duplicated and transacted across an entire zone of computers that are in the network of blockchain.

Each of the blocks in the chain could have a number of transactions. Each time a new transaction happens within the blockchain network, a record of the transaction gets added to all the ledgers of all the participants.

This means, each and every transaction via a blockchain network facilitates all participants in the network to receive the same copy of the ledger which cannot be tampered with.

Such a type of decentralised data management by multiple participants is called Distributed Ledger Technology (DLT) and blockchain is a type of DLT.It is a gamechanger in the fields of cybersecurity and currency transactions due to its transparency, data security, immutability, etc.

Blockchain technologies and how it has transformed the world of business

Blockchain has been helping businesses grow tremendously since its introduction in 2018. The technology, having proved itself in the fields of data encryption, quality assurance, identity management, smart contracts, etc., has made a significant impact on industries by building a trustworthy environment to work in. Currently, the worldwide spending on Blockchain solutions stands at a whopping 6.6 billion USD.

In PwC’s 2018 survey of 600 executives from 15 territories, 84% say that their organizations are associated with blockchain technology. Gartner forecasts that blockchain will generate an annual business value of more than US $3 trillion by 2030. It’s also predicted that about 10% to 20% of global economic infrastructure will be running on blockchain-based systems by then.

The advancement in Blockchain technologies, spurred by innovation in AI and ML

With the advancement in Artificial Intelligence and Machine Learning, their coupling with blockchain technology has increased its functionality and value. 53% of organizations reported artificial intelligence as an essential asset to their smooth running while about the same percentage of them reported blockchain to be critically important for their operations (Source: Deloitte 2019 Global Blockchain Survey). The integration of Machine Learning and blockchain technology has also proved advantageous as security mechanisms intrinsic to the blockchain can be strengthened using the analytical power of machine learning.

The benefits that blockchain brings across sectors 

Blockchain technology has become a pioneer not only in the field of banking and finance but also in the fields of healthcare, energy, transport, logistics, government, retail, etc. The transparency through decentralization feature has helped agencies provide independent verification of claims.

The technology has also helped government protect the sensitive data of citizens, decrease the possibility of corruption, and so on. In healthcare, blockchain has helped facilitate safe transactions, safeguard patient records & medical research, and simplify health information exchanges across hospitals.

How these benefits help businesses acknowledge market demands

Blockchain benefits have helped industries grow and address market demands by enhancing their supply chain management, assuring the quality of products, saving time and money involved in the verification of financial transactions and much more.

Enhancing supply chain management of businesses ensures the attainment of products at their endpoint on time using an amalgamation of IoT (Internet of Things) and Blockchain. The task of delivering products using Blockchain further assures its quality as consumers can track information to understand the products’ value for money.

The future of blockchain technologies in the next 5 years 

With the ongoing Covid-19 pandemic, Blockchain has created a significant positive difference in the world. This increase in Blockchain usage and popularity is due to the World Health Organization’s use of MiPasa which is a joint project between WHO, Oracle, IBM, Microsoft, and others to help hospitals and medical professionals identify hotspots.

Because of the technology’s decentralized nature, Blockchain is the perfect means to share pandemic information around the world. In the coming years, the global blockchain market size is expected to grow to USD 39.7 billion, at a Compound Annual Growth Rate (CAGR) of 67.3% during 2020-2025. Hence, Blockchain Technology is simply going to be the future of Businesses.


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Dr. Vikram Kumar

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