How the future of business could be built on blockchain

May 10: Raviteja Adapa, Founder and managing partner of Ledgerchain, powered by Bintex Futures, discusses how the future of business could be built on blockchain. On paper, blockchain is irrefutable. It delivers transparency, it’s immutable, self-governed, and secure. The only thing holding the technology back until recently was a lack of understanding from traditional businesses. Now, […]

Tue, 10 May 2022 02:50 PM (IST)
 0
How the future of business could be built on blockchain

May 10: Raviteja Adapa, Founder and managing partner of Ledgerchain, powered by Bintex Futures, discusses how the future of business could be built on blockchain.

On paper, blockchain is irrefutable. It delivers transparency, it’s immutable, self-governed, and secure. The only thing holding the technology back until recently was a lack of understanding from traditional businesses. Now, with the growing acceptance of crypto, and the adoption of Bitcoin by major institutional players, the potential behind blockchain technology is being realised in business.

Spreading to other sectors

Traditionally applied to crypto and financial markets, most recently we’ve seen how blockchain technology can be used within art and culture in the form of non-fungible tokens (NFTs). NFTs recently received mainstream attention with the sale of artist Beeple’s “Everydays – The First 5,000 Days,” by Christie’s for $69 million. Elsewhere, assets such as shoes and real estate are being tokenised and worked with on-chain.

Due to its vast capabilities, industries from insurance to gaming to education to agriculture could take advantage of blockchain technology. By running their business on blockchain, organisations will be able to speed up processes and increase auditability, automation, and the transparency of shared data. Importantly, bringing blockchain-based processes to company operations eliminates the timeless issue of “single point of failure.”

The tech behind blockchain

Vamsi Sagar Gunda, Vice President of LedgerChain, powered by Bintex Futures, explained  that yearly spending on blockchain solutions will reach nearly $16 billion by 2023. Yet despite this, many won’t implement blockchain-based solutions because of its connection with the crypto world and lack of knowledge of the technology.

Typically, technological advancements take a while to reach a level of maturity that can be accepted by the wider market. Like other new technologies, such as the internet, blockchain will follow the same path of adoption in the years to come. However, when the time comes, blockchain and smart contracts will remove the traditional hurdles many organisations face such as a lack of transparency, reduced security, low efficiency and speed, heightened costs, and an absence of traceability. Blockchain will do this by relying heavily on cryptography and the automation and unbiased processes of using code.

To boil it down to the basics, the public ledger inherent in blockchain makes transactions 100% visible to anyone, creating full traceability and transparency, and consequently security as ill-actors’ movements can be followed easily. Confirmations between blocks can take mere seconds or minutes which is a gamechanger in terms of ensuring efficiency and ushering in a new era of high-speed and instant transactions. Finally, the technology’s cryptographic hashing functions enable immutable transactions. These hashes work as identifiers for the data blocks; the hash of each block is created in relation to the preceding block, which is what links them together. It is this process that further ensures a blockchain’s security as transactions cannot be manipulated or altered once executed.

Blockchain governance

An important element of blockchain projects is a focus on governance capabilities. Even though the crypto industry is decentralised, it still manages to organise and run itself while ensuring fair and transparent operations. This is because projects implement their own governance models, whereby proposals are put forward and voted on for approval by holders of the specific blockchain’s coin or token.

Crypto manages to achieve this form of governance while holding true to the founding ideals of decentralisation and democratisation. That’s not to say that centralised finance (CeFi) and traditional organisations can’t implement similar models. Just as enterprises will gradually increase adoption of blockchain technology, they too can begin to put business decisions to a vote, and in turn, see an increase in community engagement.

Early blockchain adopters and the way forward

Kalyan Kolluri , Vice President of LedgerChain, powered by Bintex Futures,   further explained, this technology still has much to prove, blockchain is already being used by countless organizations that realize its potential. These include IBM, British Airways, shipping company Maersk, healthcare provider Pfizer, and HSBC. British Airways, for example, is working with several other airlines to trial blockchain COVID-19 credentials. IBM and Maersk have teamed up to create the TradeLens blockchain platform, which is designed to capture important information about each shipment in a supply chain in real-time. And DHL and Accenture have created a blockchain-based serialization prototype to track pharmaceuticals across the supply chain.

The growing examples of traditional enterprises using blockchain prove that the technology can help solve countless issues. With mainstream adoption on the rise, conversations about what business built on blockchain will look like continue to evolve.

He further said , new blockchain LedgerChain is useful for Develop the cutting edge technologies in different verticles for a smoother and faster transactions at a negligible gas fee.

Sangri Today Sangri Today is a Weekly Bilingual Newspaper and website of news and current affairs that publishes news reports from various places, from general reports.