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Rafal Szymanski, CEO of Global Tech Makers, believes that blockchain has the potential to be more than just a word of order. The IT guru says technology can fulfill its promise to transform the global business process landscape.
Beyond the cryptocurrencies
Last year was undoubtedly the year of cryptocurrencies as prices reached peak levels compared to the fourth quarter. However, a prolonged bear market has characterized the entire 2018, restraining investor confidence in virtual currencies.
Although the speculative investment models that make up the majority of the encrypted business have begun to stumble, the interests of companies around the world remain optimistic about the technology. A proof of this trend is the vast number of patents based on DLP technology (distributed ledger technology) presented by global brands such as IBM, Alibaba, MasterCard, etc.
DLT applications may not have the manic appeal that cryptographers did at the end of 2017. Instead, blockchain-based applications focus on more concrete use cases affecting the business world. Szymanski recognizes the potential of DLT and his company already has an operational partnership with FutureNet – a social network platform with a blockchain-based cryptocurrency called FutoroCoin.
Interruption of the global business process
From the beginning, interested parties claimed that the DLT would disrupt different facets of the global business process. Since its infancy, there has been concrete evidence of this claim, especially in areas such as supply chain management (SCM), food traceability, payment systems, etc.
Most of the appeal of blockchain comes from its security, decentralization and immutability. With a DLT framework, the concept of "middleman" could become obsolete. With sophisticated and elaborated codes, a network of nodes can manage the validation / authentication of all the phases involved in a flow of business processes.
These characteristics of the technology open up new perspectives of opportunity with the adoption limited only by the lack of technical experience.
For Szymanski, there are no limits to which companies can adopt the technology by saying:
It is really a matter of understanding that the blockchains uproot the need for expensive intermediaries. Once companies are aware of this fact, they will see that technology has the potential to be useful in any industry.
Blockchain: one of the most exciting emerging technologies
Many commentators currently agree that DLT is one of the most interesting emerging technologies. According to Szymanski,
Blockchain is right there, along with Artificial Intelligence (AI), Machine Learning (ML) and the Internet of Things (IoT). Blockchain has perhaps the peculiar characteristic of being able to provide some form of framework for the implementation of some aspects of the other emerging technical concepts.
There are also examples of technical discoveries at the intersection of DLT and other emerging technologies. An example is IOTA which shows how the blockchain and the IoT concept can be combined to create a solid technical framework capable of creating solutions for many sectors.
Szymanski, of course, is no stranger to the potential of emerging technologies like AI and IoT. The head of the Global Tech Makers is also the owner of EasyVisual – an advertising network. The company has already identified the IA 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 nodes to solve. A crucial aspect is that of scalability: the creation of networks capable of hosting a large number of users.
Image courtesy of Shutterstock and Global Tech Makers.
