Blockchain has become the talk of the town of late. But it wasn’t until bitcoin made its way into the markets in 2009 that everyone began to notice it. Bitcoin became immensely popular as a cryptocurrency, and lately people have been looking at its underlying technology, blockchain, as a disruptor in the digital business space. Learn how it will impact your business.

1. Why is it critical for your enterprise to understand Blockchain technology
and how it will impact your business?
Everyone seems to be talking about the blockchain technology. As a future forward enterprise, you must
be a step ahead to standardize the technology, platform and resources so that you may embrace
blockchain before your competitors.
There are several World Leaders who see a lot of potential in Blockchain, the open, shared and ledger
platform. It can enable private and public enterprises to share information, assets and digital contracts
with others in a secure and selective manner. If blockchain continues to grow, and it grows to be most
trustful and reputable, it can replace credit agencies and intermediaries in the financial world. It is
believed that blockchain will be able to tackle the data specific challenges that have been caused due to
yesteryears’ technology, big data.
If we stick to the definition as per Wikipedia, blockchain is a continuously growing list of records, called
blocks, which are linked and secured using cryptography.
https://cdn.pixabay.com/photo/2018/05/29/10/59/blockchain-3438501_960_720.jpg
If we go by the numbers, Blockchain will expand for more than 40% by 2020. At the end of 2017, the size
of the cryptocurrency stood at 600 billion. Blockchain related jobs are on the rise and the global
spending on the next gen technology is growing multifold. There have been more than 2000 listed
Blockchain startups and there are many more expected in the future.

2. As per Gartner, blockchain will grow a business value-add of $176 billion by 2025, it will grow to $3.1
trillion by 2030. There aren’t any huge returns expected from blockchain before2025. There’s a Gartner
survey that reveals that 66% business leaders think that the blockchain technology is a major business
disruption, and have even set aside budget to invest in it.
Another report from IDC predicts a steady blockchain growth from 2016 to 2021 (it will add up to a five-
year compound annual growth rate). The largest blockchain investments will be from American
enterprises, China and Japan will follow the suite. Sector-wise, the highest blockchain investor will be
from the financial industry (no surprises there) followed by retail and manufacturing industries.
Commenting on the technology, Peter Thiel, co-founder of PayPal said, “Bitcoin is the beginning of
something great: a currency without a government, something necessary and imperative. But I am not
familiar with the specific product to assert whether it is the best potential setup. And we need a long
time to establish confidence.”
Blockchain presents data that is either open or encrypted and can only be read by people for whom it is
intended. It is governed with rules that direct how data and database can be modified.
As per a report by Deloitte, the blockchain technology will enable faster and cheaper option vis a vis
traditional cross-border payment method. The remittance cost can be as high as 20% while blockchain
can cost as low as 2%.
Difference between Bitcoin and Blockchain
There a lot of people who get confused between bitcoin and blockchain. They tend to use the terms
interchangeably. It’s incorrect. If you assume that bitcoin and blockchain are same is like thinking that
Internet is the same as emails. Blockchain is an open book of records where everyone has the same copy
and references. Since each person has access to the same kind of records, it is easy to see if someone
has tampered with or edited the records. The technology behind blockchain is somewhat complicated
but for a layman it’s important to understand that the technology enables a secure block of information
that can’t be edited. For example, imagine a future where you don’t have to depend on your bank to
withdraw your money. There are others who have your balance information securely stored in their
records.
The future of Blockchain
Blockchain will impact several technologies and processes. As we mentioned earlier, it will eliminate the
need to trust in transactions. For example, the mortgage process requires a lot of trust in dated records.
Blockchain will eliminate the need to refer the records and trust a history of transactions that can be
verified and validated. There will be no need for any institution to provide risk mitigation or provide
trust services.
There are many people who call blockchain as digital ledger system. Blockchain will also be a boon for
self-driving car manufacturers. Earlier they were not able to assure protection against hackers but with
Blockchain, the decentralized method of distribution, the security against cyber-attacks is top-notch.
It is expected that blockchain projects will surpass cloud computing and IoT (in venture capital
investment). There are countries like Malta that already have a blockchain strategy, which will lead the

3. regional and global market. Online retailers and financial organizations will benefit from blockchain-
based lists as they can vet their customers and prevent fraudulent activities. Healthcare providers, in the
future, will be able to view real-time exhaustive patient records. There will no need to request for
medical history from previous healthcare service providers. Similarly, the manufacturing industry
produces large amounts of data in the form of invoices, orders, contracts and payment records.
Blockchain will help maintain these records (records on blockchain cannot be edited, changed or
tampered with). The education industry can use blockchain, and in turn can help people who wish to
check credentials of a candidate. Applicants can’t fake their credentials, all thanks to blockchain. This
development can hugely impact the grading system at universities and educational institutes.
Blockchain inspired applications are expected in several industries like healthcare, insurance, e-
commerce and financial. The technology provides unparalleled security in a world of Internet which is
always exposed to malware, spam, DDoS and phishing.
The technology is also seen as an amazing tool that can store a huge amount of data related to critical
documentation like healthcare records, logistics and copyright information. It will get rid of the
middlemen that are required to legalize a transaction.
If you wish to further discuss about blockchain technology or how it will impact your business and
future, you can speak to our Blockchain experts at ISHIR. Click here to connect.
To read it online, please click here: http://www.ishir.com/blog/6048/critical-enterprise-understand-
blockchain-technology-will-impact-business.htm