Why Is Blockchain Called a Radical Technological Innovation?
As a blockchain writer, daily rituals of listening to podcasts, reading books, blogposts, articles, and publications, and keeping up with industry trends have become habitual and have proven to be beneficial to my writing journey thus far.
For the last four months, since hearing the phrase “blockchain technology as a radical innovation” for the first time, I’ve been navigating the uncharted waters of the blockchain ecosystem while reading a couple of research papers to understand why blockchain technology is referred to as a radical innovation.
In this article, I look for ways to share my discoveries with my readers and the blockchain community of enthusiasts like me who are eager to search for knowledge on the internet but learn quickly enough that the learning roadmap on this topic isn’t as digestible as expected.
For several years, blockchain infrastructure’s disruptive ability has piqued the interest of the information and communications technology and finance technology industries, as well as other sectors, as a potentially promising technology with use cases capable of making a significant impact and redefining some of the most fundamental structures of the global economic system.
Since its inception in 2009, blockchain has had a widespread impact on industries, changing the rules of the game while reinventing existing business models.
One of the literatures included in the studies of innovation management emphasizes the concept of attributing a huge promise to a technological opportunity, defined as “radical innovation.”
What Is Radical Innovation and Why Is Blockchain Called a Radical Innovation?
Radical innovation is defined as any invention that has the potential to produce game-changing generational transformations in a wide range of industries. In earlier articles, I stressed the potential for blockchain technology to be applied across industries, with use cases that promote global development.
Satoshi Nakamoto’s Bitcoin blockchain research and development, which was later supplemented by the Ethereum blockchain and other blockchain networks, has had a disruptive impact on conventional business models. Because of the revolutionary changes it has brought about, blockchain technology qualifies as a radical invention.
The Blockchain architecture, as a radical innovation, has the potential to outdate established structural systems and processes. It is accompanied by new functions that often reward businesses and organizations that are willing to accept the risk of these fundamental changes in order to embrace and develop new organizational capabilities to perform distinctively.
For example, with the recent development of the Telegram platform, which allows people to trade and send Bitcoin and Toncoin, I believe that blockchain’s radical and innovative approach to how we perceive money will cause significant changes in organizations’ payment systems while ushering in new business models, integrations, processes, and financial practices.
It is crucial to distinguish between radical and incremental innovation. Blockchain, as a radical innovation, exemplifies technology’s dramatic transformations. Blockchain innovation’s radicalism demolishes and replaces the traditional version. Blockchain introduces whole new functionalities and opportunities for exploration, whereas incremental innovation often aims to add new functionalities to current technology.
Following the impact it has had since its beginnings, blockchain is recognized as a revolutionary technology that is pushing mass adoption in cross-sectional organizations. It is a competent innovation in that the novelty of this technology has the potential to render the current system outdated, if not immediately. As a result, we can argue that blockchain is a one-of-a-kind solution that replaces the present industry model.
When blockchain technology is widely accepted and its architectural tools are used, the construction of a fully new system that replaces middle and back office processes is almost certain.
While the blockchain provides a high degree of incentives, there is also a significant level of resistance to it from country to country, as well as a correspondingly delayed rate of adoption due to its disruptive character, capable of displacing established systems.
Welcome to a new era of value delivery chances that looks to provide us with an infinite number of options for correcting abnormalities and errors while performing transactions with untrustworthy parties in a dependable, secure, timely, cost-effective, and other beneficial manner.
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