Blockchain: The Missing Link for the Next Industrial Revolution
The next industrial revolution
Security has been a major concern for disruptive technologies such as automation, robotics, 3D printing and the Internet of Things among others. The decentralized nature of the blockchain via its encrypted blocks could act as the perfect remedy to these security woes. Thereby, the blockchain could act as an enabling tool for the next industrial revolution,
Since mankind's dawn, a handful of oppressors have accepted the responsibility over our lives that we should have accepted for ourselves. By doing so, they took our power. By doing nothing, we gave it away. We've seen where their way leads, through camps and wars, towards the slaughterhouse.”
― Alan Moore, V for Vendetta
Privacy has fast become a relic of the past in the age of Facebook and Google. Advertisers, who meet a specific platform provider’s criterion, have access to users’ most intimate details, their habits and patterns for the purpose of elaborately tucked marketing algorithms. It’s the price to be paid for living in an always connected world that has led to the monopolization of data and subsequent security offered being merely a farce.
Ostensibly, there is a need for a complete overhaul; promising innovations and ideas kept at bay have not come to fruition due to the overwhelming nature of security woes. A scenario where hackers take charge of a life changing innovation can quickly see it transform into something that is dire and life-threatening.
There is where the blockchain acts as a veritable panacea. The blockchain’s ingenious design allows one to anonymously exchange information in a safe and secure manner, without the need for reliance on an intermediary like the government or a bank to keep things in check. Its self-regulating nature is what makes the blockchain a novel and paradigm shifting technology.
The next big thing?
The blockchain network is a lot like football, the playing field acts as the platform and when the nets registers the goal, there is a thundering response from the crowd which acts the consensus. The only major difference being that the identity of the one who scored the goal and the goalkeeper would be anonymous.
Yet so far, we have merely scratched the surface of blockchain’s potential. It is with the IoT that a significant part of blockchain’s capabilities can be harnessed. According to data published by Grand View Research, the blockchain is expected to reach USD 7.59 billion by 2024, at a 37.2% CAGR.
Its unique capabilities allow it to be leveraged in various avant-garde technologies of the future like the Internet of Everything, Smart Defence, Automation and Fintech among others. Since these are connected technologies, without the blockchain, they are highly vulnerable to cyberattacks which are a pertinent point of concern for the near future. Ransomware and Denial of Service attacks are already very common. The blockchain remedies these problems due to its decentralized nature. The cryptography which is intrinsic to the blockchain allows agents to interact in a secure fashion and transfer assets across the globe at nearly minimal or zero transaction fees.
How it is going to help shape the industry?
The industry is undergoing a revolutionary change known as industry 4.0. This is where the steady consonance of various complementary technologies such as Automation, The Internet of Things and Artificial Intelligence shall bring about a drastic transformation in the very approach towards business and manufacturing.
The blockchain is the layer that shall consolidate the security of these platforms and enable them for mass adoption. For instance, with the aid of the blockchain, smart factories can autonomously order key engineering components, detect faults in the supply chain before their occurrence and streamline the manufacturing process to a much larger extent to cut down on lead times.
Smart factors shall usher in an utopia of truly globalized manufacturing while the adoption of key technologies shall help with optimization endeavours. Certain technologies like 3D printing will help reduce the complexity of the supply chain significantly. This would enable a greater market outreach and offer a boost to e-commerce
© 2018 Lionel Alva