Thoughts And Observations About Blockchain Technology

“According to a forecast by research firm Gartner, by 2026 the business value added by blockchain will increase to over $360 billion. Then, by 2030, that will increase to more than $3.1 trillion. With current and future trends, blockchain is predicted to make a big revolution in the coming decades.” From Gartner – U.S. Technological Research and Consulting Firm.

“One of the standout features of blockchain technology is its ability to securely record data that cannot be altered. This immutability proves invaluable in supply-chain management. As businesses expand globally, ensuring transparency from the source to the end consumer becomes increasingly crucial. Blockchain enables manufacturers to create and maintain reliable, traceable records of material movements throughout the supply chain. Retail giant Walmart, for example, leverages blockchain technology to address food supply-chain challenges. This allows the company to efficiently track products and streamline its management, ensuring greater accountability and trust. Similarly, shipping giant FedEx (FDX) says it utilizes blockchain technology to enhance its delivery services.” Posted January 17, 2025, on MSN Quartz by Vinamrata Chaturvedi – U.S. journalist.

“The blockchain does one thing: It replaces third-party trust with mathematical proof that something happened.” Adam Draper – U.S. internet entrepreneur.

“Blockchain technology could change our world more than people imagine. Bitcoin, however, could be a bubble.”  Jack Ma - Chinese entrepreneur, co-founded Alibaba Group, China's largest e-commerce company.

“Blockchain is moving beyond cryptocurrency, and it's worth paying attention - especially since successful prototypes show that blockchain, also known as distributed ledger technology, will be transformative. … In fact, blockchain has the potential to fundamentally change how we share information, buy and sell things, interact with government, prove our identity, and even verify the authenticity of everything - from the food we eat to the medicine we take to who we say we are.” Julie Sweet – U.S. business executive, Chair and CEO at Accenture .

“During the 2018–2019 cryptocurrency market downturn (often called the “crypto winter”), the handful of recruiting (for Human Resources/Talent Acquisition)-oriented blockchain providers went silent. However, a comeback is occurring, and blockchain will become mainstream for credential validation. Storing certificates and licenses on distributed ledgers will ensure verifiable, fraud-resistant records.” Posted January 8, 2025, on the Future Of Talent Weekly Newsletter by Kevin Wheeler – U.S. Business Strategy, Human Resources, Talent Development, and Acquisition consultant, Founder/President of Global Learning Resources, Inc., Founder/President of The Future Of Talent Institute.

"Blockchain is the most disruptive tech in decades. Web 3.0 will transform data management." Don Tapscott – Canadian business executive. 

“If you deal with information, you need the Internet. If you deal with money, you need to deal with blockchains.  … The Internet is programmable information. The blockchain is programmable scarcity.” Balaji Srinivasan – U.S. entrepreneur, investor, co-founder of Counsyl, former chief technology officer of Coinbase , former general partner at the venture capital firm Andreessen Horowitz.

“Blockchain technology isn’t just a more efficient way to settle securities. It will fundamentally change market structures, and maybe even the architecture of the Internet itself.” Abigail Johnson – U.S. business executive, CEO of Fidelity Investments.

“There are all these proofs that go on of identity, of records, and they're quite non-digital. The blockchain innovation really allows us to take everything where there's record keeping, everything where there's trust around record keeping, and it allows us to make that digital, immutable, permanent, and global.” Jeremy Allaire – U.S. internet entrepreneur.

“You can write anything that you would be able to write on a server and put it onto the blockchain. Instead of Javascript making calls to the server, you would be making calls to the blockchain. … The main advantage of blockchain is that it allows people to reach an agreement without a central authority." Vitalik Buterin - Canadian computer programmer, co-founder of Ethereum.

“The old question 'Is it in the database?' will be replaced by 'Is it on the blockchain?' ……. The world is preoccupied with dissecting, analyzing and prognosticating on the blockchain's future; technologists, entrepreneurs, and enterprises are wondering if it is to be considered vitamin or poison. … The blockchain is custom-made for decentralizing trust and exchanging assets without central intermediaries. With the decentralization of trust, we will be able to exchange anything we own and challenge existing trusted authorities and custodians that typically held the keys to accessing our assets or verifying their authenticity. … Study how to write smart contracts, which is the basic unit of programming a blockchain for business purposes. It is the equivalent of being taught HTML and Java during the early Internet days. And master how to create assets or tokenize existing ones on a blockchain.  … Big companies do not want to disrupt themselves. All they want to do is improve themselves. They see the blockchain as another IT project. It's going to save money; it's going improve a process here and there. It's not going to change their business.” William Mougayar – Canadian entrepreneur, investor, author.

“Digital transformation requires changes to processes and thinking – changes that span your internal organizational silos.” George Westerman – U.S. academic at the MIT Sloan School of Management, Research Scientist at the MIT Initiative on the Digital Economy.

“Has the Internet changed our lives? Have mobile phones changed our lives? The blockchain is something that is that transformative. … I call the blockchain 'the Internet of value' and 'the Internet of trust.' Because everything becomes trustless. It's a big distributed ledger. Think of it like an Excel file that's being maintained and updated and managed by millions of computers around the world.” Brock Pierce – U.S. entrepreneur.

“In 2025, more finance teams will turn to blockchain for accurate financial transaction logging, reporting and analysis…there is a growing awareness of its advantages. In part, this is due to an acceptance that the benefits of blockchain extend beyond cryptocurrency and outweigh the perceived complexities.” Sarah-Jayne Martin – U.S. business executive, Director, ICA Global AR Practice at Quadient.

“Blockchain technology is revolutionizing how we think about data, security, and decentralized systems. Here are a few key aspects of blockchain: Decentralization: Unlike traditional databases controlled by a central entity, blockchain is distributed across multiple nodes, making it more resilient and less prone to single points of failure. Transparency: All transactions on a blockchain are recorded on a public ledger that is visible to everyone. This transparency builds trust and accountability. Security: Blockchain uses cryptographic techniques to secure data. Once data is recorded in a block, it is extremely difficult to alter, providing a high level of security. Smart Contracts: These are self-executing contracts with the terms of the agreement directly written into code. They automatically execute transactions when certain conditions are met, reducing the need for intermediaries. Applications: Blockchain is used in various sectors, including finance (cryptocurrencies like Bitcoin), supply chain management, healthcare, voting systems, and more.” From a Microsoft Copilot Summary.

“Blockchain verifies the information using the following steps: Consensus – it requires the majority of the block builders to agree that the occurrence actually happened. Consistency – requires that the new information fits with the previous block. Transaction – it requires that the transaction occurred by looking at the previous block, ensuring that two people did not record conflicting accounts of the information. Automated Conflict Identifiers – the software itself trolls for conflicts within the blocks and the structure. There is no centralized location, or big computer in the sky, where the information can be altered or stolen.” Jacob William – Indian author.

“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency.  The second is that automation applied to an inefficient operation will magnify the inefficiency.”  Bill Gates – U.S. entrepreneur, co-founder of Microsoft.

“According to Deloitte, blockchain technology can reduce transaction cost by up to 40% to 80%, allowing businesses to move funds quickly and affordably across borders. … For instance, IBM and Walmart have successfully implemented blockchain in their supply chains to track the movement of goods, ensuring product quality and reducing the risk of fraud. The benefits of using blockchain for supply chain transparency are clear: businesses can reduce the time spent on verifying goods, increase accountability, and improve consumer trust”.  Case studies from Deloitte .

“PwC estimates that smart contracts could save businesses in transaction costs by automating tasks and reducing paperwork The efficiency gains from automating routine tasks can be a significant advantage for businesses looking to optimize operations in 2025. … PwC also estimates that blockchain could improve the efficiency of supply chains by 50%, reducing the risks of counterfeiting and fraud while streamlining operations and cutting out costly middlemen. Additionally, based on a 2020 report, they also projected that Blockchain technology has the potential to boost global gross domestic product (GDP) by US$1.76 trillion over the next decade.” Statistical data and projections from PwC (PricewaterhouseCoopers LLP).

“If you think about any multiparty process where shared information is necessary to the completion of transactions, and the coordination of activity and the exchange of value, that's where blockchain technology can be put to good use. … Blockchain technology represents a generational opportunity to mutualize database infrastructure across entities within financial services. What that translates into is an enormous cost-saving, risk-reducing, and capital-enhancing opportunity. … Blockchain technology, or distributed ledger technology, is just a way of using the modern sciences of encryption to enable entities to share a common infrastructure for database retention.” Blythe Masters – U.K business executive, former executive at JPMorganChase, widely credited for developing the credit default swap as a financial instrument.

“In a significant development within the tech industry, Microsoft has begun venturing deeper into blockchain technology, marking a strategic shift in its long-standing focus on software and cloud computing. This move signals the company’s recognition of blockchain’s potential to address various industry challenges and its intent to position itself as a leader in decentralized technology solutions. Microsoft’s recent focus reflects an evolving understanding that blockchain’s applications extend far beyond cryptocurrencies. The company is reportedly exploring blockchain-powered solutions in diverse areas, such as supply chain management and digital identity verification. Analysts believe that Microsoft’s established influence in the tech sector could help accelerate mainstream adoption of blockchain-based innovations.  Integrating Blockchain into Azure - The company’s strategic direction highlights its aim to integrate blockchain capabilities within its existing platforms, particularly Azure, its widely used cloud computing service. … This integration is expected to serve as a gateway for businesses that wish to adopt blockchain without disrupting existing workflows.” Posted December 9, 2024, on Cointrust by Kelly Cromley – U.K. internet/blockchain researcher.

“Walmart used blockchain to trace mangos from farm to shelf in seconds instead of days, and now applies that approach across many different food items. Food giants like Nestlé, Tyson Foods and Kroger have also embraced blockchain solutions, transforming food safety in America right under our noses. In other sectors, diamond company De Beers uses blockchain to track diamonds from their source to the store, ensuring their authenticity and ethical sourcing, while fashion industry leaders such as LVMH and Prada Group use blockchain technology to verify the authenticity and provenance of high-value items, preventing counterfeiting and ensuring consumer trust. … (S)maller companies are discovering blockchain's power to combat fraud and ensure product authenticity. Raw Seafoods, Inc., a Massachusetts-based business, partnered with IBM to use blockchain to track fish from boat to plate, reducing fraud in an industry where mislabeling has been rampant. Avaneer Health, launched in 2021 by healthcare giants including Cleveland Clinic, Anthem, Inc. and Aetna, a CVS Health Company, is using blockchain to streamline the sharing of healthcare information. The real estate sector is being transformed too. RealT of Boca Raton, Florida, is using blockchain to enable fractional property ownership, democratizing access to real estate investment.” Posted December 5, 2024, on Forbes by Mark Drapeau, Ph.D. - U.S. author, business consultant, Chief Research Officer at The RXN Group, Editor In Chief at The Data Catalyst.

“Blockchain technology is enabling real-world assets, such as real estate and land, to be divided into smaller, transferable units. This process, known as tokenization, is revolutionizing the way these assets are owned and distributed. … the tokenization of funds is the process of converting real-world assets (RWAs) or funds into digital tokens using blockchain technology. RWAs encompass tangible assets such as real estate, intellectual properties, art, currencies, commodities, equities, bonds, money markets, and more. These assets frequently encounter challenges related to liquidity, transparency, and accessibility within the traditional financial world. Blockchain technology enables RWAs to be tokenized into digital tokens that allow fractional ownership, potentially making physical assets more accessible to a wider audience. Tokenizing RWAs can increase liquidity, transparency, and accessibility, and is often described as a way to democratize the traditional financial markets. Financial giants such as BlackRock and Visa have jumped into the world of tokenization.” Posted January 17, 2025, on MSN Quartz by Vinamrata Chaturvedi – U.S. journalist.

“Major technology movements often come together—think of the rise of social, cloud, and mobile computing in the 2000s. This time is no different: AI needs blockchain-enabled computing. Why? First, blockchains enforce ownership. Blockchains can make credible commitments involving property, payouts, and power. A decentralized network of computers—not a big company, nor any other centralized intermediary—validates transactions, ensuring that the rules and records cannot be altered without consensus. Smart contracts automate and enforce these ownership rights, creating a system that ensures transparency, security, and trust, giving users full control and ownership of their digital lives. For creators, this means the ability to decide how others—including AI systems—can use their work. Another basic ownership right that blockchains can enforce is identity. If you are who you say you are, you can sign a statement, cryptographically, attesting as much. We could carry our identities around the web without relying on third parties. ... In 2025, I expect to see more “proof of humanity” on the internet, thanks to recent advances in these technologies. In 2025, blockchains will be used to create tamper-resistant records of original digital content, a bulwark against deepfakes. When a video, photo, or audio recording is created, blockchains can provide and store a unique digital fingerprint. Any changes to the content alter that signature, making it easy to detect tampering. Blockchains can also store metadata and verification attestations from trusted sources, further ensuring content authenticity.” Posted December 11, 2024 on WIRED by Chris Dixon – U.S. internet entrepreneur, investor.

“As revolutionary as it sounds, Blockchain truly is a mechanism to bring everyone to the highest degree of accountability. No more missed transactions, human or machine errors, or even an exchange that was not done with the consent of the parties involved. Above anything else, the most critical area where Blockchain helps is to guarantee the validity of a transaction by recording it not only on a main register but a connected distributed system of registers, all of which are connected through a secure validation mechanism.” Ian Khan – U.S. technologist, author, producer and host of "The Futurist" streaming on Amazon Prime Video.

“You can’t solve a problem on the same level that it was created. You have to rise above it to the next level.” Albert Einstein – German born/U.S. theoretical physicist, mathematician.