It is important to understand the digital ecosystem because we are now living in a new paradigm knowingly or unknowingly, that is the "fifth evolution". Here comes the age of Blockchain. Blockchain the World Wide Ledger, sort of like Bhagwan ke hisaab ka kitaab. Our web of life is getting moulded into a new form with the amalgamation of IoT.
We all have unique digital impressions - personal avatars the black box of identity, and are all connected to the universal digital mother, the web the IoT, being universally governed by it too in a way.
Blockchain here is the ecosystem which works as a peer-to-peer system with no central authority managing data flow or governance. Governance is in the hands of the network of individual participants or users. Any change in the data would need a validation from all the users in the network. Provides a platform for open communication removing barriers and gatekeeping, showing transparency and building trust. Endorsements, recommendations, ratings, etc are some of the operations in the process. Exchange of value between trusted members. Each step should demonstrate a small win and value created.
Blockchain infused future, the foundation is already laid. Business people, governments, political groups and humanitarians across the globe are actively trying to adapt it. Blockchain comes in a lot of flavours.
Characteristics:
- Trust
- Distribution of power
- Value as incentive
- Security
- Consideration
- Accountability
- Transparency
- Rights preserved
- Inclusion
A society is usually built on trust and enforcement of rules. The social and economic implications of Blockchain application can be emotionally and politically polarizing because Blockchain will change how we structure value based and socially based activities/transactions.
Blockchain has infiltrated into communication, media, entertainment and in business management structure too.
In a survey conducted by Deloitte, 84 percent of all respondents believe that blockchain will broadly scale and reach mainstream adoption, 59 percent believe blockchain could disrupt their industries, and 29 percent have already joined a blockchain consortium.
As a thought, in a similar context is now management methodology mirroring the same?
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