Inspired from an article originally published on Duke FUQUA School of Business website, Build for a Blockchain Future
The most intriguing part of Professor Campbell Harvey’s teaching approach is that I believe it represents the notion that modern business problems can not be solved without understanding the fundamental technology. Thus the need to journey “down the rabbit hole”. Industries know they have technology problems that no longer meet their demanding business needs. They want to know why blockchain technologies can solve their challenges. This can only be done by explaining how.
One of those problems is rooted in the current mess of Big Data storage and inability to make sense of it all. I see blockchain forces a standardization to the common denominators of that mess.
Business’s simply can’t find the data they need to make decisions in an ever more demanding society.
From my experience, everyone trying to learn Blockchain is being met with the same use cases, same concepts and same lack of depth. How?
What matters gets written to the ledger, the rest sits in “dumb” databases only accessible by over-burdened queries that can no longer deliver what’s relevant. If you can easily find the transaction, you know where the data resides. You don’t have to fix the data mess, you fix how to find the data you need.
Transaction chains can easily traverse the layers of an organization or multi-business systems. Merely simple hops up and down the information chain of transactions to get nearly instant data retrieval that is stored anywhere along the system.
Add the immutability, distributed and open ledger characteristics, now people know how blockchain can serve their business needs.
Along with the defined set of information in transactional key fields, this technical functional capability could also be one of the problem-solving paradigm shifts of why blockchain could be that elusive and missing prerequisite that standardizes the ability to find the valuable data and could allow for AI to advance Busineas Intelligence. Thus, taking us from the Information Age to the emerging Data Revolution.