Innovative Power Behind Closed Curtains
The Secret Disruptive Potential of Blockchain
Two major technological transformations are currently under way. Artificial intelligence (AI) and blockchain are going to change the world as we know it in very different ways. Technological revolution is impending. On the road towards the future, the what is going to separate from the chaff. This holds true especially for start-ups – because many of them won’t be able to deliver.
“I am certain that so far we only see a fraction of the disruptive potential of blockchain technology for all areas of our economic systems,” says Elfriede Sixt from FinTech Academy in Austria. “Organizational structures, like we know them today, are going to be replaced by decentralized organizations, controlled by software algorithms, and new models of income are going to develop.”
Insiders claim that about every second business plan involving terms such as machine learning or AI are using existing frameworks. In some cases, there can be no talk of artificial intelligence (AI) in the conventional definition of the term. The same goes for the field of blockchain applications. Most companies working on projects have found a use case that they have set up on the Ethereum blockchain. This shows that acquisition of enabling technologies from the outside is popular as ever.
A Revolution In The Making
All in all, this is not bad per se. There is no need to develop a tool to create great things with it. However, investors, potential customers and interested parties are bound to evaluate. Is a project really the projected revolution or are AI and blockchain merely buzzwords? It is very likely that revolutions are underway, however, the question is who is initiating the revolts and who is just getting a free ride.
End users are usually not part of this debate. They buy the product from which they derive the greatest use. This is an indicator that the blockchain revolution may indeed by a silent one, despite the cryptocurrency hype. If we want to carry out a financial transaction, we don’t care how this transaction takes place. All we care about that in the end is that the recipient receives his funds. However, not just banks but by and by, other service providers as well are likely going to switch to blockchain technology. And often the end-user is not even going to notice it. As so often, we may pay little attention to this silent blockchain revolution in the annals of future history.
(Source: This article is based on an article by Dominik Perlaki in Der Brustkasten Magazine #06/2018.)