06 Aug Digital transformation, brave new world or new normal
The blockchain technology has huge potential to revolutionise many sectors. Advocating for female inclusion in the space is one of my key initiatives contributing to the industry. I strongly believe that we need more female leaders in the space to support diversification in development of ideas and it will integral to the growth of the industry.From radio, TV to the internet, our lifestyle has been tremendously and continuously transformed by new technology. The adoption rates of technology show that the technology lifecycle is getting shorter and shorter every decade.
Today, we are living in a new stage of an industrial revolution driven by blockchain and cryptocurrency. This new concept is a hybrid of technology, telecommunication, money and philosophy that has never been interlinked so closely in any of the industrial revolutions in the past.
Blockchain can enable to incentivize people who produce behaviour data that is stored on tech company platforms. People are giving data to companies which can generate huge amounts of revenue for the company, however, the individuals have never previously been able to benefit from it. Now with blockchain democratizing our data, we are able to finally get our fair share of the pie.
It may sound shocking to newcomers when they hear that blockchain companies can create new money (a.k.a. cryptocurrencies) and use it to incentivize people over their behaviour data being given away to organizations own the platform collecting data. How can this feat be possible?
The secret is in the cryptographic algorithm that enables blockchain to play its role as a cryptocurrency. It offers lucrative advantages that have never existed before, such as transparency, a peer-to-peer payment and a decentralized network. Even more surprisingly, the cryptography has existed since World War Two (1939-1945), which means the potential of this technological explosion has always been around us.
We are living in the brave new world of computing through blockchain networks. Supply chains are one of the top areas that blockchain technology can be applied to help resolve problems in the current system. It helps minimize the amount of paperwork, payment processing time, origin verification processes and so forth. Consumers can also benefit from the transparent, trustless system without the need to trust a brand.
The blockchain technology has huge potential to revolutionise many sectors. Advocating for female inclusion in the space is one of my key initiatives contributing to the industry. I strongly believe that we need more female leaders in the space to support diversification in development of ideas and it will integral to the growth of the industry.