The industrial adoption of the blockchain technology has seen some pretty strong progress over the past few years. The prospects presented in the form of the elimination of a centralized party, immutability, and transparency make blockchain one of the hottest emerging technologies right now besides AI, Machine Learning, Big Data, IoT.
Blockchain has already proved its mettle in the arena of finance. Cryptocurrencies showcase a strong use-case of this technology. Various decentralized peer-to-peer monetary projects are already floating around in the financial space. But can this technology be used in areas others than finance? What is the key component that makes this technology stand out?
The Chief Executive Officer of The Tesseract Academy, Dr. Stylianos Kampakis, recently got in touch with BlockPublisher as he shared his insights regarding this emerging technology. Here’s the quick-fire Q&A that presents forward the ideas percolated by Stylianos regarding this space.
- Which industries can benefit from blockchain?
Stylianos: “All industries where trust is a key component. This is anything related to finance, banking, taxes, fraud and more. I also believe data-intensive industries are going to be disrupted by blockchain, as blockchain can ensure data privacy and improved security.”
- Is it the new internet?
Stylianos: “I think that is an overstatement. Blockchain is revolutionising trust, but it is not the new internet. It is a technology that is using the internet, an in some cases (like IPFS), might revolutionise existing internet protocols. But it is not a new kind of internet.”
- How do you see it evolving in the future?
Stylianos: “I believe enterprise blockchain will play a larger and larger role in many industries. Technologies like Hyperledger Fabric and Corda will start to be implemented on a wider scale.”
In any centralized framework where transparency and trust are of primary importance, blockchain can prove itself to be revolutionary. Being decentralized, all the activities of a blockchain-based network are visible to all participants in the network and as a result, a transparent fabric of operation is established where the users do not have to trust a third party to keep all the record of the network and monitor all the activities.
With this technology, even governmental operations can be reshaped. The way elections take place can be restructured completely in a more transparent ecosystem. Besides, arenas like content-creation, logistics, eSports etc. can also be revolutionized using this tech. If one comes to think of it, there are a number of sectors that can be changed for good with blockchain technology in this highly centralized world of ours. It just seems to be a matter of time as this technology grows and mature.