industryopinion Blockchain technology and
its transformative effects Piotr Blazewicz, Co-founder of MicroClash Ltd – the company behind
Coin-Clash.com games discusses where blockchain technology is heading and the impact it is already having so far.
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lockchain is increasingly becoming the subject of great interest for many. With the pandemic spurring rapid societal changes, and many individuals now researching and investing in various
cryptocurrencies, more and more infrastructures are discovering the new and exciting benefits of blockchain technology. To understand blockchain potential, there first needs to be
comprehension of what it is. Blockchain is a distributed database, which means it resides in many computers - nodes. Te most important aspect of blockchain is that it generates security of data and trust in it without a need for a custodian as in traditional systems. A blockchain gathers and stores data in groups of ‘blocks’. New information is added to new blocks and then closed and linked to previous blocks. When a block is closed it becomes a part of the timeline and can never be changed again. Despite many businesses being able to handle very complex data sets
from customers, competitors and the market at large, there are still some aspects that require manual processes, which cultivate a slower system of work. Tough blockchain was initially invented to support Bitcoin transactions and other cryptocurrencies, those outside of the finance sector are finally beginning to realise the potential of the technology itself. At its core, blockchain technology’s main known benefit is its
decentralised ledger, which helps to protect and record transactional data shared amongst various parties, without the need for an interceder. Te main focus of this technology for businesses is the improved security that it brings, as well as increasing trust, transparency, and the traceability of data shared across a business network. With that in mind, each participant in a transaction can see all the relevant information they need, delivering cost savings with new efficiencies.
Blockchain benefit to business Global companies can have more traceability in their finances and operations to decrease losses, but this is not the only benefit to businesses adopting blockchain technology. Both new organisations and larger corporations are experimenting more within the financial remit. With blockchain having roots in cryptocurrency, the next step of development involves incorporating this technology as a payroll service for employees, which could potentially be a major time and cost saver. In addition to that, corporations are acknowledging the advantages
that blockchain denotes to smart contracts too, which are unbreakable, and prevents the possibility of third-party interference or fraud. All things considered, it is no wonder that blockchain has gained the publicity it has. But speed and cost-efficiency are just the tip of the
12 | April 2022
iceberg of the major benefits that this technology brings. One of the many spoken concerns of navigating the post-pandemic
era is centred around control of data-sets within businesses. Many corporations are feeling the aſtermath of centralised bodies on their companies, alternately encouraging them to seek ways to regain total control of the inner workings of their businesses. Te vertical flow of communication that centralisation offers greatly slows down operations, which is problematic for global businesses seeking optimisation and improved efficiency in their workforces. Incorporating the advantages of the decentralised networks that
blockchain technology utilises allows for open and free communication between members of the organisation. It is a tool that allows for concerning questions to be answered instantaneously, without having to build trust between those on the platform or run the risk of corporations placing their command or authority over each other, lowering the potential for corruption to ensue. Knowing this, organisations can do business without fear, and can truly focus on growth and improving their financial success. A very attractive trait of blockchain technology is what all global
businesses are striving for - the potential to boost their bottom line. Tis secure technology provides an alternative banking method, especially for those in countries that are less stable or with underdeveloped governmental systems. It creates an opportunity for these citizens to immerse themselves in the world of business and allows more opportunity for financial growth. Eliminating third-party verifications cuts down on costs, which can
then be reinvested into the company and its employees. With the security that blockchain brings, organisations do not have to fear data corruption, or hacking, which can cost an upward of £2.9 million (or $3.86 million) according to a Ponemon Insitute study, which many businesses would certainly love to avoid.
What’s next for blockchain? As the world heads into the third decade of blockchain technology, and with it becoming increasingly acknowledged each day, the potential applications of this technology is continually being explored further within businesses throughout the globe. Te question isn’t whether or not more companies will eventually latch on to this transformative technology, and reap all the benefits it brings, but it is a question of when. Te upcoming decades will prove to be a very interesting time for blockchain indeed.
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