Is blockchain the future? Or is it just a fad?

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Mudassir Ali
Mar 12, 2020 10:48 AM 0 Answers
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Mudassir Ali
- Mar 12, 2020 10:49 AM

Blockchain is the future of many businesses but not all.

The key value proposition of blockchain is to provide transparency and efficiency. Businesses need to do their own homework to access whether or not they should adopt blockchain, when to adopt and what division to adopt. For example, a local restaurant who is looking for technology to improve table turnover is better off to use some existing non blockchain applications. There is no value added benefit here from a blockchain solution. However, if you are doing business with other parties all across the globe and want to know the credential of a new trading partner before signing a contract, you should probably look for some blockchain solutions. There is no way a central body can build a global registry / KYC platform / reputation book for all businesses across the globe. But decentralized blockchain solutions can. It heads back the control, data, and decision making to value creaters.

Many of the businesses can improve efficiency by adopting blockchain, especially in finance, supply chain, healthcare and gaming. But there is no one size fits all answer to blockchain adoption. We have seen mainstream players (e.g. IBM in hyperledger & JPM’s Quorum) tapped blockchain/DLT and the positive outcome from these projects. I think it’s just a matter of time for blockchain to take off in mainstream adpotion and I’m pretty optimistic about the future of blockchain.

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