Blockchain Industry Heading Towards Putin’s Prediction of New Digital Order
In the era of global economic transition, Blockchain user interfaces will function as a crucial link in bridging the gap between the old and the new order. Russian President Vladimir Putin’s assertion at the G20 summit reveals that digital technology is an important aspect of global economic future.
New digital order
According to Vladimir Putin, the global economic transition to a new industrial order will be underpinned by the development of digital technology. He said this at the G20 summit that was held in Hamburg on July 7-8 2017.
“We believe that the G20 will take a leading role in shaping international regulations in this area, improving international financial systems so all economies can benefit from it, including in the developing world remains high on the G20 agenda.”
Although Putin’s comment on the development of digital technologies and the necessity of regulatory frameworks to facilitate the growth of the technology sector was quite general, his call for international regulations over the rapidly growing technology sector could be relevant to Bitcoin and the cryptocurrency market.
Putin requested for unified international regulations on digital technologies that should include Bitcoin. The majority of countries participating in the G20 including China, Japan, the UK and the US have regulated Bitcoin, while Russia and India are yet to provide regulatory clarity on cryptocurrency trading and operations.
To achieve this goal, there has to be a meeting point for digital technology as designed and the traditional industrial systems. This would come in the form of user interfaces that will enable regular individuals without coding skills to adapt the emerging technology.
Blockchain expert, Previn Kutty describes the Blockchain as a technology enables immutable business transactions between two untrustable parties. Kutty notes that the transaction processes on the Blockchain are a series of steps that are performed based on the algorithm and rules of the contract and the Blockchain, regardless of the business verticals where it is done.
BPM-Based Blockchain frameworks are ready-made solutions that combine and automate various business processes in an organization, where business analysts can customize business rules to support decisions, can orchestrate with external services and can customize actions based on events and finally streamline these processes as a complete business solution.
According to Kutty, big organizations like IBM has initiated these BPM-based Blockchain products with pluggable architecture, but they are not yet fully developed and their production rollout is still far from near.
He, however, notes that the level of adoption by any organization will depend on their particular need and extent of application desired.
Kutty says: “Based on urgency and size of the organization, they will either look for a ready-made product that can automate/customize from vendors, or will work with their IT department to develop the technology internally. As always being the most urgent, the finance industry got an early start on Blockchain implementations, most of them have initiated the development, and few small organizations are skeptically watching the development of ready-made solutions hoping to kick off early with quick solution.”
Apparently, the realization of Putin’s vision depends largely on how soon the industry develops applications that will bridge the gap between tradition and innovation. The signs are already obvious as disruption keeps looking more and more inevitable.