DIGITAL TRANSFORMATION ADVANCEMENTS IN APPLICATIONS OF BLOCKCHAIN TECHNOLOGY THE EVOLVING POWERHOUSE OF INDUSTRY 4.0
The Management Accountant|February 2021
The idea for processing transactions in a cryptographically secured chain of blocks was first revealed in 1991 by computer scientists Stuart Haber and W. S. Stornetta.

Introduction

Their objective was to ensure data privacy, security, and integrity. Nick Szabo, a legal scholar, and specialist cryptographer researched on introduction of digital money and ideated ‘Bit Gold’ in 1998 using a Blockchain platform. This was further advanced by Stefan Konst. He published improved research papers on applications of cryptographically secured chains and their implementation for designing solutions.

In 2008, when subprime mortgage crisis in USA and its aftershocks were tormenting the world, came the path-breaking contribution of Satoshi Nakamoto, albeit controversies about identity remaining unresolved. The objective was to liberate money from regulatory controls by introducing Bitcoin through a peer-to-peer network created with Distributed Ledger Technology (DLT), synonymously known as Blockchain.

Vitalik Buterin liberated Blockchain from the castled domain of cryptocurrency. He proved that private blockchain platforms would be efficient and effective for handling many more commercial transactions. Buterin, one of the co-founders of Ethereum and contributors to Bitcoin codebase, unveiled in 2015 the second platform called Ethereum. He designed it with the embedded facility of a Smart Contract to ensure legal and regulatory compliances of transactional agreements for commercial purpose. Technology giants like Microsoft, BBVA and UBS, could foresee vast business potentials of Blockchain because of its foundational abilities, and speed to disrupt legacy systems. All these saw the advent of a new technological renaissance in Industry 4.0 era.

Readers may find several articles1-4 of this author on fundamental features and applications of Blockchain technology for creating driving platforms, integrated with simultaneous applications of other seven other deep technologies, in his personal website www.innoventionians.com. A video recorded presentation is also available in his YouTube Channel5 (from 6.00 minute) along with many other sessions on digital transformation as are hosted there.

Objective

Since writing of those articles, Blockchain technology has advanced with accelerated pace towards becoming the Powerhouse of Industry 4.0 and opened new vistas for multipurpose applications. Dreadful impacts of Covid-19 Pandemic on business and life of all under the sun have also speeded up the pace of digital transformation with applications of Blockchain. Therefore, objectives of this 18th article, in a row under this monthly column, are to add knowledge about the enormity of spending for and expansion of the worldwide market for developing Blockchain-based solutions. What and how CXOs around the world are sensing and projecting benefits from advanced applications of DLT will be shared. Certain unique applications of Blockchain will also be added at the end

Reader will be able to gather how digital solutions are being designed to derive benefits from foundational capabilities of Blokchain platforms for rendering multifarious services from one platform transcending sovereign borders. One of the cases in point for this is the article of this author in which he has ideated Kisan Blockchain Platform2.

Enormity of Growth in Expenditure and Market

The following is a set of two vital information from the globally reputed firm Statista6 with projections till 2025. These delineate the enormity of expenditure for designing digital solutions with blockchain technology, at what pace its global market is expanding since 2017 and estimated to expand till 2025.

Albeit a slow starter for commercial applications since 2015, Blokchain as a digital technology has picked up acceleration with quantum leap both in terms of spending and market growth, particularly since 2017. Readers must have realised the enormity of applications that are being done by digital scientists for designing solutions with the help of DLT.

An understanding about the above for India can be drawn from the report of ‘businesswire’7 in its report published on September 17, 2019. It stated that “Blockchain spend in India has increased at 103.4% during 2018 to reach US$ 154.8 million. Over the forecast period (2019-2025), spend on blockchain is expected to record a CAGR of 47.3%, increasing from US$ 289 million in 2019 to reach US$ 4,348.3 million by 2025.” One can, therefore, infer that seeing the actual pace of growth in past two years and from the perspective of projection till 2025 applications of Blockchain technology will continue to expand in India also with an accelerated pace.

There are reasons to be more optimistic in India from the recent news item that the Lower House of the Indian Parliament is expected to consider a bill during current winter session of 2021. In this Law provisions will be kept for introduction of digital currency and promotion of Blockchain. According to the Indian Express8, “The proposed law will provide a framework for the creation of an official digital currency to be issued by the Reserve Bank of India and allow certain exceptions to promote blockchain, the underlying technology of cryptocurrency and its uses, according to a bulletin of the lower house of parliament.”

Relevance, Business Objectives and Priority

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM THE MANAGEMENT ACCOUNTANTView All

UNVEILING DIGITAL HEALTH AND ELECTRONIC HEALTH RECORD THE IMPENDING MECHANISMS TO AMELIORATE HEALTHCARE EFFICACY IN INDIA

With sustainable economic growth potential and foreseeable improvement in public service delivery, India needs instruments to improve sectoral productivity in healthcare. In the modern world of technological advancements, digital intervention is inevitable to increase healthcare effectiveness. Digital health includes multiple digital care mediations ensuring the convergence of digital technologies with wellness, treatment, healthcare, and society to improve the efficacy of service delivery and make medicines more explicit and user-specific.

6 mins read
The Management Accountant
February 2021

IMPLEMENTING AN INTEGRATED HOSPITAL COST MANAGEMENT SYSTEM

The unique features of Healthcare Sector and their Business Process Flow are a big challenge to implement an Integrated Cost Management Solution. Even though a Hospital may have an effective Medical Information System of Patients and an ERP, they still struggle with implementing a Costing System; this is because the information is in different Silos. To implement an effective Costing System, the cost structure should be either inbuilt in the ERP or should have information flowing in from the Accounting and Patient Information. Identifying the Cost Elements and their classification, defining Cost Objects and their hierarchy and mapping the flow of information from Accounting and Medical Information System are pre-requisite for an Integrated Cost Management Solution. With the rapid development in information technology many IT firms/ERP use Data Connectivity for seamless integration. An integrated Costing System will facilitate online reporting and help Management in decision making on Pricing, Profitability and Cost Control.

8 mins read
The Management Accountant
February 2021

INAUGURATION OF LONDON OVERSEAS CENTRE OF COST ACCOUNTANTS ON 23rd JANUARY 2021

On the auspicious occasion of 125th birth anniversary of Netaji Subhas Chandra Bose on 23rd January or ‘Parakram Diwas’ this year, The Institute of Cost Accountants of India added a feather in its cap through the grand opening of London Overseas Centre of Cost Accountants (LOCCA), the first ever European centre in the heart of London. It was highly supported by British Deputy High Commission, Kolkata, India Business Group and UK India Business Council.

6 mins read
The Management Accountant
February 2021

EMPLOYEE WELLNESS PROGRAM: ITS BENEFITS SURPASS ITS COST

When a person falls ill, it costs a lot not only in monetary terms but also in terms of his mental well-being. Not only the person who has fallen ill suffers, his family, friends also have to suffer because of his illness. The same logic applies to an organization also. When an employee falls ill, the whole organization suffers. In order to avoid such damages and disturbances, precautions are to be taken. For that, employee wellness program is a great panacea. Employee Wellness Program is the program run by an employer in order to improve employee health and also to help an individual employee to overcome any specific health related issue. So, the organizations should implement such Employee Wellness Programs to reap the benefits of the same. In this article, how Employee Wellness Programs can be executed, types of wellness programs and their benefits are discussed.

7 mins read
The Management Accountant
February 2021

DIGITAL TRANSFORMATION ADVANCEMENTS IN APPLICATIONS OF BLOCKCHAIN TECHNOLOGY THE EVOLVING POWERHOUSE OF INDUSTRY 4.0

The idea for processing transactions in a cryptographically secured chain of blocks was first revealed in 1991 by computer scientists Stuart Haber and W. S. Stornetta.

10 mins read
The Management Accountant
February 2021

MSME And Its Impact On Indian Economy

Abstract Small businesses are the backbone of any economy. Micro, small and medium enterprises provide employment and economic opportunities to millions of Indians. The growth of MSME will bring the underprivileged to a good position in the economy. Instead of making the rich richer, overall growth will make a prosperous India.

5 mins read
The Management Accountant
December 2020

Government Procurement From MSME's The Present & The Future

Abstract The MSMEs in India are considered to be the real engines of growth for the economy and their healthy participation in Government Procurement will have its own beneficial spin offs to the society. Government is doing a lot to encourage them but still some more things will empower these lilliputs to become economic giants and contribute in nation building.

5 mins read
The Management Accountant
December 2020

VISION OF “ATMA NIRBHAR BHARAT” ROLE AND SIGNIFICANCE OF MSME

The present paper aims to explore the changing role of MSMEs (Micro, Small and Medium Enterprises) in making India ‘Atmanirbhar’.

8 mins read
The Management Accountant
December 2020

REVIVAL OF MSMEs (POST COVID-19) STRATEGY OF CMAs

Abstract There has been an unprecedented slowdown due to Covid-19 and MSMEs are worst affected. Given their pivotal role in Indian economy, urgent measures need to be taken for their survival, revival and growth. Indian Government has taken various initiatives including Atma Nirbhar Package, however, still majority MSMEs are looking for timely guidance and hand holding at this critical phase. CMAs are known for rich experience in finance, domain expertise in cost management and sound knowledge of Indian regulatory mechanism. CMAs can play role as ‘Economic Warrior’ while offering customised strategy for revival of ailing MSMEs which will in turn boost up economic growth and help our grand nation to be ‘USD 5 Trillion’ economy soon.

7 mins read
The Management Accountant
December 2020

MICRO, SMALL & MEDIUM ENTERPRISES IN NEW TECHNOLOGICAL ERA CHALLENGES & ROAD AHEAD

Abstract We live in the world which is rapidly changing due to technological advancements. The technological advancements lead to fourth industry revolution which is known as “Industry 4.0”. This digital revolution is changing the business models of all manufacturing & service industries whether it is large, small or medium. The need of adopting latest and modern technology is realised not only for large scale industries even small and medium size industries to compete in global market.

7 mins read
The Management Accountant
December 2020
RELATED STORIES

A Reporter at Large: Second Nature

How rewilders in India are working to reverse environmental destruction.

10+ mins read
The New Yorker
December 19, 2022

America's Favorite Restaurant Chains 2023

From Pizza to Steak to Sushi, The Best Places for Dining Out

2 mins read
Newsweek US
December 23, 2022

PATHS HIDDEN IN PLAIN VIEW

If you've ever seen a makeshift dirt path connecting two sidewalks, that's a \"desire path,\" also known as a desire line or game trail.

1 min read
Popular Mechanics US
January - February 2023

America's Best Online Learning Schools 2023

From full university degree programs to professional development courses to classes for hobbyists or those just wanting to learn something new, the range of education available online is enormous. The choices can be daunting.

2 mins read
Newsweek US
November 25, 2022

After Affirmative Action

The Supreme Court is expected to rule racial preferences in college admissions are unconstitutional. How will that change american schools and society?

10+ mins read
Newsweek US
November 25, 2022

INCREDIBLE INDIA

FIRST TRIP TO INDIA NEW DELHI

6 mins read
Lens Magazine
October 2022

The Holi Festival

The Holi Festival of Colors in India is a celebration of the victory of good over evil, the destruction of the demoness Holika.

3 mins read
Lens Magazine
October 2022

Best online Shops 2023

The National Retail Federation, an industry trade group, estimates that U.S.consumer spending will grow somewhere between 6 percent and 8 percent this year, to $4.86 trillion.

2 mins read
Newsweek US
October 21, 2022

The New Asian America

It wasn't always this way. We were not so often the headline. Our elders' safety was not a cause célèbre. We weren't even sure that we were a "we"-can so many people with so little in common say that? Still, there were a few shared things. Cooking ingredients, tropes we were sick of. And when the attacks first started in early 2020, we found we shared another: a terrible feeling of dread.

10+ mins read
New York magazine
September 26 - October 09, 2022

Gajan Festival India

This photo project is based on the theme "People & Culture" of India.

2 mins read
Lens Magazine
September 2022