How can you prepare for tomorrow’s blockchain world? TCS blockchain expert Andreas Freund shares perspective.
Blockchain technology will be as revolutionary as the internet, or maybe even the steam engine, predicts Andreas Freund, Ph.D., a senior manager for Tata Consultancy Services‘ blockchain advisory. It’s a bold claim. But in the first part of our two-part interview, Freund makes a strong case that blockchain technology will, at the very least, change our marketplaces and our enterprises in ways that are hard to imagine right now.
Blockchain protocols (best known for enabling cryptocurrencies such as bitcoin or ether) create a distributed ledger in which many nodes on a network each have a record of every transaction that has taken place. (See our recent story, Blockchain: 3 big implications for your company.)
“To really understand and appreciate the value blockchain can bring, you need to understand why it’s a paradigm shift,” Freund says. “You need to look at human beings. What defines us is our physical strength, our intelligence, and our trust relationships. The most fundamental shifts occur when these functions become automated and exponentiated.”