The Disruptive Potential Of Blockchain In Media And Entertainment

Damodar is an astute professional with over 20 years of success in driving benchmarks, setting growth & Digital initiatives along with proven success in the areas of IoT, Digital, Blockchain, Service Transformation and presently designated as a Consulting Partner & Head - Blockchain (North America) at Wipro Limited. He is a keen strategist and a dynamic go getter with expertise in managing Digital / Service Transformation across Industries.

- Damodar Sahu

Blockchain is currently one of the most widely discussed and hyped technologies. Many readers are familiar with Blockchain as the underlying enabling technology developed for Bitcoin, a cryptocurrency. Klaus Schwab, founder and executive chairman of the World Economic Forum, provides this summary in his book on the Fourth Industrial Revolution. “In essence, the Blockchain is a shared, programmable, cryptographically secure and therefore trusted ledger which no single user controls and which can be inspected by anyone.” This much is certain that Blockchain has the potential to disrupt existing but also to enable new business models.

Blockchain has the potential to become a powerful disruptive force. A survey of 800 executives, featured in the same book of Klaus Schwab, suggests 58 percent believe that up to 10 percent of global GDP will be stored using Blockchain technology. Blockchain technology may provide several important features that could be leveraged for use in the creative economy. Blockchain is –

• Reliable and available

• Transparent

• Immutable

• Irrevocable

• Digital.

Blockchain solves a number of challenges by integrating and converging a list of critical technologies and services. These include:

• Large database technology

• Distributed/Decentralized accounting ledgers that use technology to track every detail of a transaction

• Cryptography to protect digital transactions against hacking

• High speed Internet networking and connectivity to virtually any device