The Growing Potential of Blockchain Technology
From the Emerging Technologies Blog
by Kevin Coleman
UPDATED MAY 2020 - This blog will appear monthly from now on. Today, all organizations depend on technological innovation in order to sustain their existence. Analysis of emerging technologies and identification of those technologies with the greatest potential is essential to being prepared for upcoming projects. The objective of this blog is to establish future oriented technology analysis and insights. This blog was established to provide program and project managers with information about these emerging technologies. These emerging technologies have far reaching repercussions for program and project managers. This blog will jump-start the learning process and allow program and project managers to become proactive.
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Blockchain technology is older than many people think. It really sprung on the scene as a critical element of cryptocurrencies. Once cryptocurrencies began to grow and mature, the value of blockchain technology became evident. At that point, blockchain technology separated from its parent (cryptocurrency) took its own path along the technology lifecycle. It rapidly moved out of the basic research stage and into the applied research stage and jumped into the very early stage of product development and evolution. That is where blockchain technology stands today.
In simple terms, blockchain technology is defined as a decentralized, distributed ledger that can be used to record and document multiple aspects of digital assets, their use, interactions and their transactions. A blockchain is a shared, trusted, ledger, directory and/or transactional database of a network that is public or private. It is often used as a log of database(s) that can keep track of all changes and/or transactions taking place. It is cryptographically secured and is currently being integrated with quantum key encryption technology to increase its integrity.
INSIGHT: Recently, a blockchain webinar was delivered for professionals. During the question and answer period, a question was posed about a particular piece of blockchain functionality. The answer made it clear, they were not aware of that capability/application that is projected to be a substantial part of the global market. This is a clear illustration of how fast blockchain technology is advancing.
Markets and Markets projects that the global blockchain technology will hit $3.0 billion USD in 2020 and grow at a compound annual growth rate (CAGR) of 67.3% in the next 5 years. That puts the 2025 global market value at $39.7 billion! Another HOT emerging technology to say the least! Some of the more common application areas are listed below:
- Secure sharing of sensitive data
- International Payments (direct and indirect)
- Cryptocurrency wallets and exchanges
- IoT operating systems and device tracking
- Secure device, personal and organizational identity management
- Money laundering defenses and tracking
- Supply chain and logistics management
- Voting systems security, integrity, authentication and tracking
There are many more applications, but that should give you a feel for just how broad the blockchain application space is at this time. The projected rapid growth and impact of blockchain technology has forward thinking business leaders as well as a few government regulators beginning to take steps and prepare for what is likely to come. So, the question we should be asking ourselves is, how prepared are we? Please go to the link below and answer my poll on blockchain! I am hoping the structure of the polling answers should help frame your thinking about this subject matter.
POLL LINK: https://www.projectmanagement.com/polls/656257/Please-estimate-your-organizations-current-blockchain-technology-capabilities-
Posted on: October 01, 2020 10:04 AM |
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Comments (5)
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Georgia Harris
GLH Project Manager| Independent Consultant
Pa, United States
With that projected growth, I think I had better smarten up quickly.
Here is a 2 minute intro to blockchains - https://www.youtube.com/watch?v=r43LhSUUGTQ
Very interesting, thanks for sharing.
Kwiyuh Michael Wepngong
Community Champion
Financial Management Specialist | US Peace Corps
Yaounde, Centre, Cameroon
Md Rahman
Project Manager| The Australian Trade and Investment Commission (Austrade)
Sydney, Nsw, Australia
Thank you very much Kevin putting the light on this emerging technology with the blend of technical and business aspects. I am pretty new to this technology and enthusiastic to develop some knowledge on its application side.
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