The digital Cinderella is growing up

If you want to understand the challenges and opportunities for innovation associated with digital transformation,
you cannot ignore the potential of Blockchain. Data is at the heart of this transformation – today it is the most
important resource in the business world. The companies that survive and thrive in this new, highly competitive
environment collect and maintain big data using IoT sensors and other tools, process this data to identify patterns
and gain insight through machine learning and analysis, and secure and optimize their operations using block
chains.
Blockchain was the’Cinderella’ of digital transformation until now, but now her hour is dawning. More and more
market participants recognize the possibilities of blockchain and invest in blockchain start-ups. Blockchain
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technology is still not getting the recognition it deserves among managers and users of artificial intelligence,
machine learning or big data, but it is an essential component of important innovation systems – and Blockchain is
growing up fast.
Like the other technologies that enable digital transformation, Blockchain still faces some obstacles. These
include the relatively low speed at which blockchain-based transactions can currently be processed (e.g. compared
to ATM transactions) and questions about the ultimate security of the underlying cryptology.
As Goldman Sachs noted in an animated infographic, “Blockchain is protected by professional cryptography, but
no technology offers 100 percent security. And when it comes to large sums of money, hackers will try to find
vulnerabilities. Therefore, security concerns could also slow down the acceptance of blockchain.‟
Yet most analysts and technologists believe that these concerns are dispelled and that blockchain or blockchainlike
technologies are ultimately adopted by the mainstream, helping to transform business and other activities
where trust is very important.
“Blockchain could revolutionize the way everyone – corporations, governments, organizations and individuals –
zusammenarbeiten‟, says Goldman Sachs. “It provides a simple, secure method of building trust for almost all
types of transactions and helps to simplify the flow of money, products or sensitive data worldwide.‟ The Wall
Street investment bank concludes that “this transformation has already begun. And organizations – both those that
it can help and the intermediaries threatened by disintermediation – must be prepared to mature this technology.

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