Rafal Szymanski, CEO of Global Tech Makers, believes that blockchain has the potential to be more than just a buzzword. The IT guru says that technology can fulfill its promise of transforming the landscape of the global business process.
Last year was undoubtedly the year of cryptocurrencies as prices reached peaked levels towards Q4. However, a prolonged bear market has characterized the whole of 2018, dampening investor confidence in virtual currencies.
Even as the speculative investment models that make up the greater majority of the crypto business began to stumble, corporate interests around the world remain bullish on the technology. One proof of this trend is the vast number of distributed ledger technology (DLT)-related patents submitted by global brands like IBM, Alibaba, MasterCard, etc.
DLT applications might not have the manic appeal that cryptos did in late 2017. Instead, blockchain-based applications focus on more concrete use cases that affect the business world. Szymanski recognizes the potential in DLT, and his company already has a working partnership with FutureNet – a social network platform with a blockchain-based cryptocurrency called FutoroCoin.
Disrupting the Global Business Process
Right from the onset, stakeholders asserted that DLT would disrupt several facets of the global business process. While still in its infancy, there are real proofs of this claim especially in areas like supply chain management (SCM), food traceability, payment systems, etc.
Most of blockchain’s appeal comes from its security, decentralization, and immutability. With a DLT framework, the concept of the “middleman” might become obsolete. With sophisticated and elaborate codes, a network of nodes can handle the validation/authentication of all the steps involved in a business process flow.
These features of the technology open several new vistas of opportunities with adoption limited only by the lack of technical expertise.
For Szymanski, there are no limits to which business can adopt the technology saying:
It really is a matter of understanding that blockchains eradicate the need for expensive intermediaries. Once companies become aware of this fact, then they’ll see that the technology has the potential to be of use in any industry.
Blockchain: One of the Most Exciting Emerging Technologies
Presently, many commentators agree that DLT is one of the most exciting emerging technologies. According to Szymanski,
Blockchain is right up there, along with Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT). Blockchain perhaps has the unique characteristic of being able to provide some form of framework for deploying certain aspects of the other emerging technical concepts.
There are even examples of technical breakthroughs at the intersection of DLT and other emerging technologies. One example is IOTA which shows how blockchain and the IoT concept can be melded to bring about a robust technical framework that can create solutions for many industries.
Szymanski is, of course, no stranger to the potential of emerging technologies like AI and IoT. The Global Tech Makers chief is also the owner of EasyVisual – an advertising network. The company has already identified AI as an essential tool for digital marketers.
There is still a long way to go before DLT can reach its true potential. Like the Internet, there are still many kinks to be worked out. One crucial issue is that of scalability – creating networks that can accommodate a large number of users.