Five key questions about Blockchain today

The Blockchain market has hatched. This is how Gartner collects it in its hype curve that already places this technology on the productivity plateau . In fact, it has gone from being the support that endorsed cryptocurrencies to being a star business line of large technology companies such as Microsoft, Amazon or IBM.

With a multitude of manufacturers and implanters, it is estimated that this market stands at 3 billion dollars and it is expected that this figure will multiply by more than 10 in the next 5 years. In a recent webinar we have brought together four experts who from different perspectives share five key questions about the current situation of Blockchain .

 What is blockchain and what is it for?

A blockchain is a reward system that makes it easy for agreements to be honored. That is, it makes it possible to verify that the commitments made by actors, which are in principle independent, are carried out. Therefore, the main virtue, and the basis of the value it generates, is that it allows verifying elements such as an identity, the execution of a process, the conditions in which it has been carried out or the result obtained from a process, from a transaction. or an event.

What differentiates a blockchain from other technologies?

The three key ingredients that define a blockchain are:

•Data : it is a technology based on the storage of information.

•Independent actors : data can be read and written by different completely independent and sometimes completely unknown actors.

•Lack of confidence : since the actors are completely independent or unknown, there is no a priori reason to believe that they will fulfill their commitments.

It is important to note that a blockchain is not just a distributed database, the elements of lack of trust and verification capacity become the differential keys of this technology.

How can we identify a use case?

By pulling the thread of verification, we can understand that in all those processes and businesses in which an intermediary entity has to participate , the potential for cost reduction and time savings due to its automation is very great. The first experience was a currency, with the cryptocurrency Bitcoin, replacing central banks and states as guarantors of the value of a financial asset.

Another important area for the generation of value is in the " coopetition " , when several competitors come together to develop a common project, which benefits everyone, but which they have not developed until now because it was very expensive to verify the effort that each one contributed. and therefore the way to share future benefits. Along the same lines, the Blockchain also opens the possibility of collaborating between completely unknown companies since the Blockchain guarantees work standards and the verification of compliance with the agreed conditions.

What are the benefits of incorporating a blockchain ?

The Blockchain is providing benefits in multiple fields:

•             Cost savings.

•             Speed in processes.

•             Transparency.

•             Traceability.

•             Security.

These benefits imply an increase in trust between different independent actors and thus allows new business opportunities to emerge in a multitude of sectors , expanding the size of the markets.

What should we take into account when implementing a blockchain?

The steps that we must consider when launching a project that incorporates a blockchain are:

•             Use case and business case , differentiating if we want to improve a specific process or open a new business model.

•             Selection of the most adapted option within the family of blockchain technologies .

•             Prototyping : adopt lean methodologies with a minimum viable product.

Blockchain technology can be one more element within the automation and innovation projects of the company. They can be combined with other elements of IOT, Artificial Intelligence or Big Data, in which the sum of all of them will allow generating new business opportunities. In terms of resources and efforts, the implementation of blockchain elements can vary greatly depending on the complexity and quantity of processes and components that are included in the business solution.

Blockchain is a technology that has matured to the point of being successfully implemented in business processes, beyond mere pilots. The existence of many occasions in which the lack of trust has limited the creation of value leads to think that Blockchain, as a verification tool, will change the way in which societies create value. Blockchain technology is increasing the capacity for cooperation and emerging new business opportunities in an increasingly connected world. If you want to know more details about the current and future of blockchain, download the Digital Round Table - BlockchAIn News .

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