It was Jan 3rd, 2009 that genesis block of Bitcoin was mined and since then this date is regarded as the birthday of Bitcoin. Now, in 2023, as we cross the 14th birthday of Bitcoin, it’s a much different world that we live in. Banks and Financial institutions that have grown bigger than Countries economies have been controlling and or influencing global policies. The decentralised movement, part of many such movements globally lead to arrival of Bitcoin. Many movements died while Bitcoin not only survived but lead to the evolution of BlockChain technologies.
- BlockChain technologies have developed at a significant pace. Use cases have grown phenomenally deep into every sector of business and public policy and administration. Public and private institutions to industries are exploring Blockchain for secure and safe implementation for better accountability. We are at a cusp of Tokenised economy taking over the traditional world as we know today (which will be a relic, soon) with the adoption of Tokenisation, distributed economy will get monetised leading to inclusivity and sustained equitable growth. or have very little say in the way business is taken forward with.
- BlockChain community across the globe kept focusing on DeFi – Decentralised Finance. The community is so focused at driving this agenda that majority are stuck in a BIG bubble of “DeFi or nothing”. It is time to loosen the slack. DeFi approach essentially evolving out of Bitcoin challenged the centralised Banking ecosystem. But, Enterprises, Public Institutions and even Government Agencies are considering BlockChain Technologies. It’s time we appreciate that BlockChain is beyond decentralised. One of the fundamentals of BlockChain is Distributed Ledger Technology (DLT), this enables an effective functioning of distributed and yet centralised system. This is where the Private BlockChains have a play.
- Every Public and Private Institutions, Enterprises, and Government agencies are striving towards achieving the following factors. DLT – Distributed Ledger Technology (the core of Blockchain technology) is very well placed to offer the core value through Private chain instead of Public chain to users.
- 1. Enhanced security for Customer Data to any critical information quintessential to the survival and success of enterprises.
2. Greater transparency is another key aspect that determines accountability across every stakeholder.
3. Traceability is becoming a significant differentiator to Product lifecycle and also customer journey across segments.
4. Speed and efficiency of fulfilment of service from Government agencies to Private enterprises is another factor of significance.
5. Finally, Automation is becoming the hallmark of every industry in its effort to stay relevant and even Government and administrations have started automating processes as Citizens expect ease and convenience that the Brands have made available.
- Private Chain, unlike Public Chain gives huge confidence to Government agencies and large corporations and enterprises. While they still have to significantly change in the way they run administrations or manage Corporations from being a Top-down hierarchical (Pyramid) organisations to Distributed (Spherical*) Organisations, Private chain, gives them the best of BockChain Technology while still giving scope to operate in a closed environment. This will protect the interests of the parties be it Government or large corporations, addressing their threat perceptions of a Public Chain.
It’s time to move from DeFi to DiFi. Decentralised to Distributed. Unlock the value of BlockChain technologies without getting self limited. There is an all new world to be discovered. Great value to be created and even greater value to be realised.
* Spherical is with reference to business operating with Distributed Economy models and is in contrast to Circular (economy), which in principal refers to all the stakeholders while leaving out the majority while sharing the collective value.