5 Small Steps for the Giant Blockchain Leap - PowerPoint PPT Presentation

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5 Small Steps for the Giant Blockchain Leap


Blockchain, being an emerging technology, is flourishing day and night while expanding its reach to different industries rather than being restricted to Finance and IT only. Organizations are adopting Blockchain due to its promising features like security and decentralized ledger, Acknowledge essential facts before you plan to implement Blockchain in your organization. – PowerPoint PPT presentation

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Title: 5 Small Steps for the Giant Blockchain Leap

5 Small Steps for the Giant Blockchain Leap
According to Gartner, by 2022, Blockchain based
businesses will be worth 10B. Moreover, by
2020, new businesses and business models will
emerge based on smart contracts and Blockchain
efficiencies. Despite Blockchain being an
emerging technology, it is flourishing day and
night while expanding its reach to different
industries rather than being restricted to
Finance and IT only. Organizations are adopting
Blockchain due to its promising features like
security and decentralized ledger. In addition
to security, Blockchain helps to streamline
complex financial processes as well as free up
cash, create new forms of value, reduce
transaction costs, accelerate business processes
that lead businesses to adopt Blockchain. Experts
say, Blockchain will do to Financial System
what Internet did to Communication. Similar
predictions exist since Blockchain holds the
power to change the bases of our economic and
social systems. We know what Blockchain has to
offer but only Time will tell how much potential
Blockchain has to change the pioneering of
Businesses. Yet, predictions have circulated
tremendous amount of rumours that have influenced
peoples minds and misguided
  • them. Hence, we are going to enlighten you with
    essential facts, which you must know before you
    embrace Blockchain.
  • Blockchain- One for All, All for One
  • Unlike other technologies that have been invented
    till today, Blockchain goes beyond the set
    parameters. It is not merely technology for IT
    associates to learn and experiment, but it is
    here to revolutionize methods of running
    business across all industries.
  • Decision makers are considering adopting
    Blockchain and many have already implemented due
    to Blockchain streamlining complex process along
    with security. Created with the most difficult
    cryptography, it is the most secure platform for
    financial transaction, digital assets, digital
    media, digital information and contracts that
    make it unique and useful across all the
    industries along with saving money and time
    without any intermediaries. Eliminating the need
    to keep intermediaries simply means minimal
    chances of fraud, increased trust and fool proof
  • With Blockchain coming into the picture, the
    medium of sharing, exchanging and interacting
    changed completely giving birth to a new
    perspective to look towards running businesses
    while affecting small businesses to globally
    expanded organizations. Hence, it has the
    potential to revolutionize industries including
    Banks, IT, Finance, Healthcare, and many more
    that have a strong effect on our society. If
    Blockchain is fully implemented, conventional way
    of managing governance, administration,
    operation and accountability across organizations
    will be revolutionized from the basics.
  • Blockchain will not take over your financial
    system completely, Not Yet
  • Considering the pace Blockchain in growing,
    experts predicted Blockchain to take over entire
    financial system leaving no trace of conventional
    way of managing finances in any business.
  • However, the time is yet to come to witness
    complete financial revolution due to Blockchain.
  • Although Blockchain has no common ground nor
    resemblance to the conventional way of managing
    finances, Blockchain does not aim to replace the
    entire financial system yet.
  • Instead of decentralized network, current
    financial systems use closed network that is
    through intermediaries while relying on core
    banking and enterprises. As a result, investment
    and dealing through these means will stay
    relevant even after you have adopted Blockchain
    considering they find a solution that allows
    them to co-exist with conventional way of
    working. Thus, a smart decision would be
    leveraging the benefits Blockchain has to offer
    instead of replacing the entire infrastructure.

  • Adopting Blockchain means eliminating centralized
    authority and regulatory system. In addition to
    looking over transaction and exchange, the
    centralized authority works, as a mediatory
    trusted by both the parties along with providing
    the user unique rights. On the other hand,
    Blockchain does give full access and doesnt
    provide special rights to any user over the
    network. Thus, on the positive side, users do
    not have enough rights so that gives us assurance
    to remain free from fraud and malpractice
    proving to be a better system.
  • Take a Trial before implementing Blockchain
  • No matter how big or small the enterprise is,
    before adapting a new technology, strategy,
  • methodology or make major changes in the system,
    it is necessary to take a trial before
    implementing it completely. Blockchain, being a
    completely new technology can bring many major
    changes into your organization that gives even
    more reasons to take a trial before adopting
  • Firstly, consult an expert, create a plan, and
    acknowledge the duration you will need the plan
    to be tested. After implementing, observe
    closely throughout the process to ensure the
    adoption will be helpful and not disrupting in
    any way. The trial phase will help you understand
    how the technology works, what are the relevant
    key features for your business, how you can use
    it to your advantage.
  • Blockchain is Free but the cost of Storage on
    Blockchain Database could be Expensive
  • When Blockchain being decentralized is boon, the
    outcome and benefits come at a price. The
  • distributed and shared ledger means all the data
    is replicated and stored in every copy of the
    ledger at each node. While transacting through
    digital currencies such as Bitcoin, this concept
    works to your advantage where only the data
    stored is details related to transactions of
    Bitcoins. However, from the business
    perspective, it would be quite expensive to
    maintain heavier information like documents or
    images, audio files to be stored and exchanged at
    every node.
  • Identifying the needs and usage of Blockchain in
    your business will help you come to a decision.
  • Transparency v/s Confidentiality
  • Changing the way of sharing and exchanging files,
    documents and transaction, Blockchain has the
    potential to transform all the industries
    including banking and finance, health, IT,
    education, media, almost all the industries
    could get affected. It will affect the way
    internal and external exchange and sharing of
    files takes place and transaction as well. Since
    Blockchain is popular for being decentralized
    and open to all, all the data is accessible. On
    the other hand, at times businesses need to keep
    few things confidential, or share with certain
    people yet keep secured. This is contradicting
    the nature of Blockchain. When it comes to
    Blockchain, collaboration and

competition must be distinguished along with what
to share, how much to share and when to
share. Evolution Vs Revolution, shifting
business focus towards Blockchain will definitely
involve proactive steps with trusted software
development partners. It is important that you
understand your Business Problem or Business
enhancement that you wish to bring very well and
acknowledge the scale of intended network,
understand the relationship among users,
requirements both related to functional and
non-functional aspects such as performance and
confidentiality before determining the right
platform and the right model to use that will be
beneficial to your business. Allow us to assist
you in your digital transformation journey ahead,
get in touch with us at inquiry_at_cygnetinfotech.co
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