Blockchain as a Revolutionary Force for Change
The Book That’s Igniting a Chain Reaction
Human connection is foundational to how our world operates. With trust driving this connectivity, we are able to engage with one another, pursue our goals and achieve success in the world.
It’s here where a technological advancement known as Blockchain promises to bring new solutions to our life and work.
So what is Blockchain? Prominent author and thought leader Don Tapscott offers a great introduction to this trailblazing technology.
In short, Blockchain is a distributed database that’s shared among nodes of a computer network ecosystem. Best known as the tech infrastructure underlying cryptocurrency systems such as Bitcoin, this emerging data system had the ability to ensure a secure and decentralized record of transactions. This trusted and secure means of data recording eliminates the need for an outside third party.
Blockchain captures information in groupings known as blocks that serve as holding tanks for sets of information. Blocks have a storage capacity that when filled are closed and linked to a block that was previously filled. When filled and timestamped, these blocks are irreversible and set in stone, becoming part of a digital timeline.
First proposed via a research project in 1991, blockchain’s first official use was with Bitcoin in 2009. Since then, blockchain’s have soared in applications including the creation of myriad cryptocurrencies, non-fungible tokens (NFTs), digital finance (DeFi), and smart contracts.
I first discovered blockchain in 2012, while working as one of the first full-time journalists in the cryptocurrency space. Since then I have been a writer with a number of industry-related publications including Bitcoin Magazine, Blockchain Beach, and now Gokhshtein Media where I now serve as Senior Editor.
Therein lies why I was attracted to a new book entitled “BlockChain Reaction: The Future of How We Live and Work” author and digital economy thought-leader Elizabeth Varghese explores the intersection between blockchain, trust, and today’s new world of digital innovation.
In her book she offers this:
“In a digital era, where trust is elusive and can be cost-intensive, blockchain’s appeal will only continue to grow because, for those who take the time to understand its potential, it offers a clear way to confirm, validate, and authenticate values and events.
And talent management may become the force ushering in some of the most significant and important forays into blockchain technologies: Market pundits are predicting that major firms will soon begin experimenting with blockchain solutions for this space, and many organizations already partner to shape blockchain’s use in the talent sphere.”
Blockchain, says Varghese, an expert on the intersection between HT, talent management and emerging technologies offers us transformative power. Specifically, it can deliver opportunities and solutions for marginalized people and people with marginalized skill sets, as well as avenues for companies to find the skills they need, and validation tools to streamline hiring processes so more people can access a viable livelihood.
“As we explore this new territory, we need to make sure our ethics and moral compass keep up. We need to continue to build human trust as we shift validation and verification to blockchain processes. We need to be more relationship-focused as we offer, and accept new opportunities. At the end of the day, behind our technology, it’s human intelligence and ingenuity that makes all of this possible; working together, we can extend the benefits to create a world full of opportunity—for everyone.”
Varghese asserts that we are living in a very interesting time, at the inflection point of so much change. Things, she says, are changing rapidly, with ambiguity and disruption all around us noting:
“The power of technology to transform lives has become increasingly clear. We now have the ability to connect to and harness the talent and potential of every human being, no matter where they sit—in a village in rural India, in sub-Saharan Africa, or in remote Appalachia.”
Varghese says that her interest in emerging technologies and trends, and multi-disciplinary insights helped fuel her decision to write the book.
“I was inspired to write this book because of our need for connection—to collaborate, to work together, and be together. Our barrier to operating seamlessly lies in how we trust as we share information about our lives, our credentials, our contributions”
She adds that as we work across geographies the next revolution is in trusting each other in our connectivity.
“[Block]Chain Reaction explains how blockchain technology can help bridge our current connection gap and help change the world for the better - by creating trust based on accessible, immutable data and unleashing the potential of all people and human intellect, no matter where they live.”
I’m inspired by the potential of technology to grow our organizations, build a more agile and skilled workforce, create strong connections across the globe, and mobilize every kind of intellectual horsepower out there.”
In terms of her early encounters in the blockchain space, Varghese talked about how Five years ago, when she began talking and writing about this topic, there was very little understanding or interest. Experts and leaders in the field of Talent and HR, she says, had no cognizance of the potential of this technology. Most had not heard about it.
About three years ago, Varghese spoke on the topic of Blockchain in Talent, at a national technology and innovation event. She says that she was allotted a speaking slot that conflicted with a keynote, and at a different building across the green.
“I was unfazed as I was used to the puzzled looks at this topic. But, then it started to rain. The feathery San Francisco drizzle colored my walk into a cold, gray misery. I sped up, umbrella-less, worrying what the rain could do to my laptop. Regret at my new footwear grew when squelching water made the shoes pinch.
I remember this so vividly—because, when I got there—there was a surprising number in the audience, all who had also braved the insidious rain. My sodden spirits lifted as I looked up into the dim auditorium with stadium seating, rising up from the floor where I stood. I sensed energy. Interest. There were so many questions. Some, from those disenchanted by the unilateral crypto-narrative on the technology. Many, from people curious about what else blockchain could do.”
Today, she believes that in some ways, we are still there—looking outward from the bright floor of a darkened theater. But, in some very important ways, she says that we have moved forward, poised at the inflection point of triggering much more significant momentum.
In her book she talks extensively about the intersection between blockchain and other emerging technological developments encapsulated in these points:
“Means of transportation, conducting business, and sharing information have changed how we live and work. We are no longer confined to a small circle, our own neighborhoods, and villages, for our jobs or our personal networks. Thanks to air travel, cars, and developed transportation systems and infrastructure, we can go as far as we want with relative speed. And this extent of our reach continues to grow.”
She points to three rapidly evolving developments that are growing in influence and are fueled and driven by technology, snowballing and entangling as they unfold. They, she says, will change how we live, work, and trust.
First, is the rise of Quantum Computing with its impact on data processing and encryption. Second, the speed of Space Exploration with its implications on industry, geopolitics, security, and, very remote work. Third, the origami horizons of the Metaverse.
“We can certainly go much farther, much faster than before. And yet, we don’t have to go far at all to live easier, potentially better lives. We don’t have to go any farther than our computer, or even the phone in our pocket, to do business or socialize with someone across the globe. Connection and opportunity are as close as our fingertips. And connectivity not just with who we interact with but to a universe full of possibility.”
So how do we navigate this brave new world in a way that engenders functional trust that helps us live and work? Varghese offers this:
“The barriers to operating seamlessly lie in how we trust each other as we share and exchange information about our lives, our credentials, our contributions. And as we work together across geographical boundaries, the next revolution is in trusting each other in our connectivity.”
When asked about the biggest emerging trends she sees on the horizon for Blockchain over the next 12-18 months, Varghese had this to say:
“In the next twelve months, there will be an enhanced focus on digital identities, digital currencies, and the impact of post-quantum computing on security – and the role of blockchain in enabling all. Specifically,
The continuing commercial interest in Extended Reality (XR) and Alternative Reality (AR) – These advancements in the Metaverse will require more reliance on identity validation.
The rise of gig work and geo-political instability will result in more focus on skill validation, remote work and trust enablement
The increasing regulatory focus on AI and emerging technologies globally, will require more collaboration and cooperation in enabling these for our use and the greater good.
She also adds that in the next few years, the rise of commercial space exploration, and post-quantum computing will require renewed focus and the need for technologies like blockchain for trust.
Varghese was asked about her greatest hope in terms of what readers walk away from her book with:
“As a reader, your focus may be to wield technology to change business and strategy plotlines. Or your focus may be on blockchain and its implications on the talent ecosystem. You may be a blockchain enthusiast curious about its applications outside the realm of crypto and finance. You may be an expert and commentator on the changing nature of leadership, skills, and talent in the global arena. You may be an expert on optimizing Talent processes and data. Or you may seek to democratize access to opportunities and tap into the universal potential. This book provides a view of how the intentional use of this technology can help us all.”
She concludes:
I hope this book inspires entrepreneurs and technology enthusiasts everywhere to learn more about blockchain. And, ultimately brings together minds everywhere, to trust and work in sync - to uncover all potential by connecting in the Universal Talent Exchange.”