Blockchain And Its Transformational Impact To Global Business

The advent of internet to the public back in 1994 resulted in the 4th industrial revolution disrupting and transforming business and communication models. As much as the transformation changed our lives and experiences, it has resulted in centralized models like Amazon and Facebook. It also resulted in exponential growth of Fraud, Identity theft, and lack of trust. Blockchain is considered an emerging technology of this era, which will trigger the 5th industrial revolution enabling another massive storm of disruptive transformation completely changing the current business models based on trust, security, collaboration and crypto currency. As the evolution of blockchain technology is on full swing, companies and product vendors are rushing to innovate and disrupt to be the first in the gold rush. In this praxis, we will assess what companies are doing in various process areas including supply chain, dispute management, logistics, and cryptocurrency. Additionally, we will review some of the economic opportunities in the near future and what are some of the key lessons learned and gaps including global adoption, blockchain interoperability, governance frameworks, and global acceptance