Globant’s new “Unscripted Tech” podcast has already explored topics like how technology enhances user journeys and the creation of experiences with augmented reality. In its third episode, we dive into blockchain: What it is, its different uses, how secure it is, and how it benefits different industries.
We answer these questions to understand its strong presence in the market while exploring the business value of the technology everybody’s talking about. It’s estimated that by the end of 2024, corporations will spend $20 billion per year on blockchain technical services and that its integration into banks’ infrastructure could reduce investment costs by 30%.
What does blockchain mean?
Avijeet Dutta, Technical Director at Globant, underlines that there’s no industry that is not touched or will be impacted by blockchain.
“A software-based system which provides an area of trust for different stakeholders that can contribute together, and they rely on each other through a shared mechanism.”
Trust is the key component here, since there’s no involvement of a third entity (a bank or stock exchange), to validate transactions. Blockchain is shaping our future for a reason, and one of those reasons is that it has multiple uses because of its versatile nature. It can record financial transactions, store medical and personal credit records, close binding agreements, and verify supply chain payments, among others.
Regarding the global healthcare market, spending on blockchain is expected to reach $5.61 billion by 2025 , and blockchain-based products and services in the U.S. could reach $41 billion by 2025.
Avijeet Dutta believes that everyone has a stake in understanding the potential blockchain carries, as the bottlenecks and security aspects it implies, which are definitely greater than the other software-based security ecosystem which we currently have.
Alvaro Gareppe, also a Technical Director at Globant, has a passion for blockchain, and he states that it is a decentralized path to record transactions that can be shared among different organizations and parties eliminating the needs of middle men. The inclusion of smart contracts is a huge differentiator when applying this technology.
“Its presence in the finance sector has been there for a while now, with cryptocurrency for example (Digital currency), but also in the way that we think about cross-borders and banking transactions.”
The possibilities for blockchain and its potential are huge. Combining technology, such as data mining, IoT, data processing, and artificial intelligence, together with blockchain makes a huge ecosystem not only in terms of digital transformation but in creating data products, digital assets, and platforms.
In today’s fast-evolving world and with the constant surge of new market demands, it is important to consider and learn what the business value of adding blockchain is, and how can this new business model transform interactions with customers? What’s the relationship between this technology and the concept of smart contracts? Can the blockchain carbon footprint be lowered? Is it really an impossible technology to hack?
Discover the answers to each question by listening to our newest podcast episode here.
