If you’re looking to understand what the blockchain is, and why it is such a big deal, we definitely recommend this book. The author, William Mougayar, has 34 years of technology industry experience as a consultant, entrepreneur, advisor, innovator, and strategist.
The beginning of the book recounts an anecdote of the author sitting down with Vitalik Buterin, the founder of Etheruem – which is the second biggest blockchain platform and cryptocurrency.
Mougayar captures the basics of blockchain platforms in technical as well as non-technical language, and the book is sprinkled with easy metaphors and examples to help any reader understand the fundamentals of blockchain technology and its applications in the coming years. He also compares it with the development and launch of the internet and the world wide web – something that we now take for granted that did not even exist a couple of decades ago.
The Blockchain Promise
He postulates that before the internet was developed, It supremacy reigned primarily in database applications, data computation, transaction processes, business intelligence and global operations. What followed after, were the internet years, where the first primary application was personal communication in the form of e-mail, then e-commerce, self-publishing, and finally social media platforms. Now, we’ve begun the journey of the next revolution – the blockchain revolution. This era, he terms as the blockchain promise – which essentially focuses on the decentralization of trust which leads to value flow without intermediaries.
What is the Blockchain?
He describes blockchain technology as a combination of game theory, cryptography and software engineering – three fields that have existed in isolation for some time now, but have been combined together to form the concept of blockchains. He summarises a few important functions that blockchain platforms have allowed us to perform:
- Peer-to-peer electronic transactions without financial institutions
- Cryptographic proof instead of central trust and;
- The ability to put trust in the network instead of a central institution
The Growth of Blockchain Platforms
Additionally, according to Mougayar, we should not be surprised that blockchain technology is evolving so rapidly, as compared to the internet that took many years to evolve to its current applications and functionalities. This is primarily because the blockchain network builds upon the existing framework of the internet, and its users, cellphone users, website owners, and any objects that we use in daily life that can be modified to be smarter versions of themselves (the IoT). Since blockchain platforms already tap into these well-developed user networks, its growth is exponentially faster than the internets’.
Mougayar also delves into business aspects of blockchain platforms, and the twelve features every blockchain platform should have. Some of these aspects include:
- Transactions manageability
- High Availability
- Interoperability and:
- Open Source
These features are something that every blockchain platform product must have from a development perspective in order to create a valuable platform that will deliver on the blockchain promise. Through his book, Mougayar delivers facts and compelling viewpoints about how business and blockchain should merge and interact with each other. A 4.5/5, The Business Blockchain is a must read for any crypto and blockchain enthusiast – novice or experienced.
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