In the following lines, I will not mention the cryptos – so much criticized and the subject of another debate – which constitute only one of the many applications of the Blockchain: their systematic amalgamation often serves its cause, in the same way as some often controversial NFT collections.
A study by Gartner (2019) summarizes very simply the generally observed evolution of new technologies, such as Blockchain. Let’s review the three key phases of this evolution.
First phase: experimentation, discovery.
Traditionally prized by the most curious, whether enthusiasts or even companies, this phase consists of understand the fundamentals and benefits by applying them to existing processeswith the aim of improving them and making them more efficient.
According to Gartner, we have known this phase for the Blockchain from 2012 to 2020. It should be noted that during this period only 3 key criteria of the Blockchain, namely distribution, encryption, and inalienability were applied. Decentralization and tokenization having been left out.
Second phase: innovation
Gaining in popularity, a new technology naturally attracts players whose innovation is at the heart of their existence, hence the emergence of startups. Still according to Gartner, for the Blockchain, this phase started at the beginning of 2020, and should end in 2023. Of course, it is not set in stone… Many called and few chosen… probably from the order of 1%.
Third phase: combining and integrating the new technology with existing technologies
It is very likely that, in the future, Blockchain technology will gradually mix with other technologies and fields such as Artificial Intelligence, Cybersecurity, IoT, etc.
Once proven, the new technology is integrated and combined with other existing and established technologies in the market. In the case of the Blockchain, and still according to Gartner, we are only at dawn.
It is very likely that, in the future, Blockchain technology will gradually mix with other technologies and areas such as Artificial Intelligence, Cybersecurity, IoT, etc.
I am convinced that it is premature at this stage to draw conclusions and to judge the relevance or otherwise of a technology like the Blockchain, particularly within companies and that, on the contrary, the decentralization of data will constitute one of the major challenges of tomorrow.
Decentralization is interesting, even essential, for the consumer more than for companies.
Thanks to the Blockchain, and therefore to decentralization, the consumer:
- features 100% transparency,
- is certain that there are no hidden intermediaries,
- keep control of access to their data,
- is certain that its data is unalterable.
Companies, on the other hand, probably have less to gain directly. It’s just a new operating model. It is, in fact, much easier to develop centralized solutions from a business point of view and technical than to impose decentralization on oneself.
Companies are therefore probably wondering why inflicting such a challenge on themselves, in particular, because in the short term, the gains are difficult to quantify and do not necessarily guarantee significant growth.
The transition to widespread decentralization will accelerate when consumers really understand what is at stake.
Like the awareness of ecological issues that took a generation to establish itself, it may be the same to decentralize data. The transition to widespread decentralization will accelerate when consumers really understand what is at stake. It will then become inevitable for companies to reason “decentralized”, and to rethink their model.
This will most likely become a consumer requirement. More and more users are sensitive to the use of their data online : where is it stored? What are you going to do with it? Do you use it for other purposes? Cases of misuse of personal data without our knowledge are legion.
Companies respectful and convinced by this new paradigm must act now as evangelizers by integrating all or part of this new technology into their operation, by considering that it is a lasting investment, to be made without further delay, and in a progressive manner, and by asking yourself: do you want to be the next Kodak or Nokia, or the next Amazon…?