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

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