Blockchain and the Transformation of Business - by Dr. Sunil Erevelles, PhD
“The blockchain is one of the most fundamental inventions in the history of computer science.” - Marc Andreessen, co-founder, Netscape
We are at the start of a new revolution in business. Just like the creation of the World-Wide-Web in 1991 ignited the extensive use of the Internet in business, the introduction of a decentralized digital currency called Bitcoin in 2008 may have opened the doors to a much broader seminal paradigm for the creation and transfer of value in business. The foundation of this paradigm is the blockchain. While many currently view it as the technology behind cryptocurrencies, it’s the greatest value is likely to be as a transformational enabler of business activity.
It has been suggested that blockchain will introduce a fundamental paradigm shift in the basis of economic activity with “the fall of Big Data and the rise of the blockchain economy (Gilder 2018).” Others have proposed that blockchain is “the biggest invention since the emergence of the Internet” (Drescher 2017) and that “the very structure of society is about to change” (Wester 2018). Still, others have suggested that “the technology likely to have the greatest impact on the future of the world economy has arrived…and it’s called the blockchain” (Tapscott and Tapscott 2018). In this seminar, Dr. Erevelles will explain what blockchain is, and describe how it is likely to transform the world.