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‘Blockchain 2.0’ era in the business world
Today, the decreased risk appetite of investors with the effects of the rising inflation and economic turmoils, leads to loss in value in the crypto currency sector, which is the first thing to come to our minds when we say ‘blockchain’. Moreover, the sector is not only shaken by the economic turmoils, but also the cost of bitcoin mining and its affects on the environment draw more and more criticism. The report published by Glassnode, which makes financial evaluations for the crypto technology, in the past weeks determined that the bitcoin production cost got close to the value of bitcoin and miners spend approximately 19.3 thousand dollars to produce one bitcoin, which will return either very little or no profit. In another research, economists state that the harm caused by bitcoin production to the climate has reached the estimated 35% of the market value and this is almost equal to the share of the red meat sector which holds 35%.
While bitcoin is criticised due to its high risk, the insufficiency of regulations, and its controversial levels, McKinsey forecasts that the era it named ‘Blockchain 1.0’, which is one of the areas of use blockchain in finance and is dominated by crypto currencies, will slowly come to an end and the use of blockchain technology in business processes will rise with the opportunities it offers such as an increase in efficiency and cost saving, namely the ‘Blockchain 2.0’ era will come to the forefront. In an article published by MIT Sloan Management, authors state that blockchain, which is the technology that lies under digital currencies such as bitcoin, will have deep impacts on the nature of companies. Based on this, blockchain will change companies’ way of acquiring finances, management, and value creation and will transform their functions of accounting and marketing.
So, what is the blockchain technology that meets the needs of companies from many parts of the world and from many sectors regarding supply chain problems, energy crisis, and increasing costs in such a period that they try to make savings, and what is the value it promises to companies?