Encryption, immutability, and decentralization are key features that make blockchain a game changer. It is transforming how we transact, produce, and consume, and businesses are taking advantage of using blockchain technology in a variety of ways.
In a nutshell, blockchain is a software-based system where different stakeholders can contribute together and rely on each other through a shared mechanism. In the first season of Unscripted Tech, we explored this technology’s foundations. Listen to the episode here if you want to dig deeper into how blockchain works.
This season, Alan Verbner, Blockchain SME at Globant, and Isa Goksu, CTO for Northern Europe at Globant, discuss the implications of the blockchain ecosystem from a business perspective.
Blockchain: a constant evolution
Isa Goksu mentions that “the ecosystem is slightly behind the curve” regarding blockchain adoption. In terms of governance, regulations, and customer experience, organizations and businesses are still figuring out how to implement blockchain best.
However, there is a genuine interest in this technology. With a global blockchain market size expected to grow from USD 3.0 billion in 2020 to USD 39.7 billion by 2025, blockchain is redefining various industries. For instance, there is significant interest in the market for cross-border payments, which can be done in a matter of minutes thanks to blockchain. Also, companies are using this technology in shipment tracking logistics with real-time updates.
The power of decentralization
“The removal of the central authority from the scene is extremely powerful,” states Goksu. With the rise of Web 3.0, where decentralization rules, blockchain technology is redefining what ownership means, making verification processes more efficient by removing intermediaries.
In the pharmaceutical industry, for instance, it can shorten the process of developing vaccines or medication significantly:
“A typical drug takes about 12 years to produce from concept to the market. The process is heavily regulated, with tons of paperwork. If you leave this process to a decentralized, autonomous organization, like a DAO organization powered by blockchain and smart contracts, what we are looking for in the future is extremely fast and rapid implementations of drug releases.”
Building a team that supports your strategy
The IT industry is known for struggling to find the right talent. The number of technology professionals is not high enough to meet the demand, and organizations need help finding the profiles they need. When it comes to blockchain technology, this is not an exception.
“Blockchain is not only about coding smart contracts. It goes beyond advanced math. You also need traditional profiles,” says Alan Verbner. “You really need someone that can design user experiences, that can engage not just the crypto but also advanced users and newcomers.”
These are only some of the subjects that Verbner and Goksu discussed in this compelling and fruitful conversation. Listen to the episode and get to know more about how leaders and businesses can take advantage of using blockchain technology.