Blockchain's Global Adoption Prospects in the Tech Landscape
Karunya Sampath, Co-Founder & CEO, Payoda Technologies, 0
In an interaction with CEO Insights magazine, Karunya shared her views on blockchain's impact on finance, cloud optimization, healthcare, supply chains, fraud prevention, and its potential interplay with AI/IoT. She highlighted challenges like semiconductor scarcity, cybersecurity threats, and emphasizes collaboration for a secure tech ecosystem. Below are the key extracts from the exclusive interview –
Which are the factors driving the adoption of blockchain technology on a global scale within the tech industry?
Blockchain payment systems use blockchain technology to execute payments in a secure, timely, and low-cost manner. These systems enable money transfers independent of distance between sender and receiver, which is very useful in the Cash on Delivery market. They also provide vendors with guaranteed payments and help purchasers manage their finances wisely. Payoda uses blockchain to decentralize operations, improve transparency, reliability, cost effectiveness, and data quality, and to facilitate speedier transactions. Smart contracts and new consensus mechanisms enable personalized blockchain systems to manage digital assets and protect sensitive data while prioritizing consumer growth and success. So, these have been the key drivers for the rapid widespread of blockchain technology.
Furthermore, by recording, monitoring, and automatically executing terms, blockchain assists optimization of service-level agreements (SLAs), minimizing conflicts and increasing customer satisfaction. These implementations take advantage of Blockchain's decentralized and immutable nature, providing creative solutions to inefficiencies and security concerns in cloud computing. Blockchain-based cloud optimization enhances the performance and reliability of cloud-based services by optimizing resource allocation, storage, trust security, and SLA management. They have further ensured the acceptability of blockchain technology across the globe.
How is each industry banking on the use cases of blockchain?
Blockchain-based cloud optimization is employed in real-world scenarios to improve cloud computing efficiency and security. A decentralized marketplace is one such method for efficiently allocating and sharing computing resources. Users can trade or lease unused resources directly, allowing for dynamic and cost-effective allocation. Another application is decentralized cloud storage, which encrypts, divides, and distributes data over several nodes to improve security and availability. The immutability and transparency of blockchain increase trust and safety by enabling audibility and enforcing security rules through smart contracts.
Blockchain technology has enormous potential in the BFSI market. Its decentralized and transparent characteristics can help to speed up operations including cross-border payments, identity verification, and smart
contracts. Blockchain can improve efficiency, save costs, and boost trust in financial transactions by eliminating intermediaries and improving security.
These developments are transforming the sector, allowing more personalized offerings, streamlining operations, and increasing client trust. As these technologies continue to emerge, it's an exciting moment to be a part of the BFSI landscape!
Blockchain has various advantages for clinical research participant consent management and data sharing too. It offers a safe and secure platform for storing and monitoring consent records, preserving participant privacy and data integrity. Blockchain allows for granular control over data access, giving individuals greater ownership and control over their health data. Furthermore, Blockchain allows for secure and auditable data sharing among academics, allowing for collaboration while maintaining data security and trust.
Manufacturers can use Blockchain technology to create a tamper-proof system for tracking and confirming each step of the supply chain. Every transaction and event can be recorded as a ‘block’ on the Blockchain, including raw material transportation, production processes, and distribution. These blocks are securely linked in chronological sequence to build an immutable information chain. Thus, the use of blockchain technology can be seen in many sectors.
What are the challenges the industry should anticipate amid exploring blockchain adoption on a global scale?
While the future appears bright, the IT industry must face certain issues head on. Significant dangers are posed by a worldwide semiconductor scarcity, geopolitical uncertainty, and increased cybersecurity threats. Addressing these challenges would necessitate the collaboration of governments, enterprises, and industry experts. By encouraging collaboration and investing in research and development, we can ensure a healthy and secure IT ecosystem. As we embark on a digital revolution, the road ahead for IT expenditure in India and around the world is littered with limitless potential.
What makes the technology a reliable choice for the BFSI industry?
With its immutability and transparency, blockchain technology delivers solid solutions for fraud prevention in the BFSI industry. It creates a tamper-proof audit trail, which is critical for preventing fraudulent actions, by ensuring that data stored on the blockchain cannot be edited, tampered with, or manipulated. Since blockchain transactions are transparent, it becomes easier for network participants to spot suspicious behavior and trace fraudulent activity. These characteristics help to prevent fraud by allowing auditors and regulators to quickly evaluate and validate transactions, creating secure digital identities to reduce the danger of identity theft, and utilizing smart contracts to reduce human error. And they have been the key factor for the success of blockchain technology at global level.
How do you perceive its applicative value going forward?
Since blockchain data cannot be changed, it may be used to create a tamper-proof audit trail, whilst advanced analytics can spot patterns and abnormalities that may signal fraud, issue alerts, and prevent such activities. It is a quick approach to collect data from multiple organizations, resulting in a reliable financial ecosystem. As of now, it appears that Blockchain is the future and will be widely used.
These developments are transforming the sector, allowing more personalized offerings, streamlining operations, and increasing client trust. As these technologies continue to emerge, it's an exciting moment to be a part of the BFSI landscape!
Blockchain has various advantages for clinical research participant consent management and data sharing too. It offers a safe and secure platform for storing and monitoring consent records, preserving participant privacy and data integrity. Blockchain allows for granular control over data access, giving individuals greater ownership and control over their health data. Furthermore, Blockchain allows for secure and auditable data sharing among academics, allowing for collaboration while maintaining data security and trust.
Blockchain allows for secure and auditable data sharing among academics, allowing for collaboration while maintaining data security and trust.
Manufacturers can use Blockchain technology to create a tamper-proof system for tracking and confirming each step of the supply chain. Every transaction and event can be recorded as a ‘block’ on the Blockchain, including raw material transportation, production processes, and distribution. These blocks are securely linked in chronological sequence to build an immutable information chain. Thus, the use of blockchain technology can be seen in many sectors.
What are the challenges the industry should anticipate amid exploring blockchain adoption on a global scale?
While the future appears bright, the IT industry must face certain issues head on. Significant dangers are posed by a worldwide semiconductor scarcity, geopolitical uncertainty, and increased cybersecurity threats. Addressing these challenges would necessitate the collaboration of governments, enterprises, and industry experts. By encouraging collaboration and investing in research and development, we can ensure a healthy and secure IT ecosystem. As we embark on a digital revolution, the road ahead for IT expenditure in India and around the world is littered with limitless potential.
What makes the technology a reliable choice for the BFSI industry?
With its immutability and transparency, blockchain technology delivers solid solutions for fraud prevention in the BFSI industry. It creates a tamper-proof audit trail, which is critical for preventing fraudulent actions, by ensuring that data stored on the blockchain cannot be edited, tampered with, or manipulated. Since blockchain transactions are transparent, it becomes easier for network participants to spot suspicious behavior and trace fraudulent activity. These characteristics help to prevent fraud by allowing auditors and regulators to quickly evaluate and validate transactions, creating secure digital identities to reduce the danger of identity theft, and utilizing smart contracts to reduce human error. And they have been the key factor for the success of blockchain technology at global level.
How do you perceive its applicative value going forward?
Since blockchain data cannot be changed, it may be used to create a tamper-proof audit trail, whilst advanced analytics can spot patterns and abnormalities that may signal fraud, issue alerts, and prevent such activities. It is a quick approach to collect data from multiple organizations, resulting in a reliable financial ecosystem. As of now, it appears that Blockchain is the future and will be widely used.