In simplest terms, blockchain is a record of transactions within a network. Each block contains data, and the blocks form chains. These transactions remain as they were recorded, ensuring the data entered is virtually irreversible and can be trusted without verification by a third-party. No matter who looks at the records or transactions or where they access the records, they will all see the same exact information.

“Blockchain is like a public library of records, but instead of books, it stores digital information,” said Varma. “Imagine every time someone borrows or returns a book, the transaction is written down in a permanent log. This log isn’t kept by just one librarian—it’s copied and shared with everyone in the library, so everyone has the same record. Because everyone has a copy, it’s almost impossible for anyone to cheat, change, or lose the information.” 

Varma spoke in greater detail about this in his keynote address delivered at the 2023 Algorand Impact Summit.

Research, Defined

At Ramapo, Varma teaches operations management at the undergraduate level and in the graduate level in the Master of Business Administration (MBA) program, housed in the AACSB-accredited Anisfield School of Business. He also teaches business analytics and data visualization in both the MBA and Master of Science in Data Science programs.

“My research is centered on business model transformation with blockchain and supply chain reconfiguration using blockchain technology,” Varma said. He studies how organizations can use blockchain to innovate their business models, moving from traditional centralized systems to decentralized networks that enhance transparency, trust, and efficiency. “Blockchain has the potential to disrupt industries by enabling new value propositions, such as decentralized finance (DeFi), tokenization of assets, and smart contracts. My focus is on how businesses can leverage these technologies to create competitive advantages and deliver more equitable outcomes.”

Innovation, Driven

Varma firmly believes that with time, trust in technology evolves like technology itself evolves. “Just like we came to trust calculators, GPS, and even driverless cars, we are now learning to trust technologies like AI and blockchain. This trust is what enables big leaps forward in how we live and work.”

Dr. Varma’s talk, From Calculators to Smart Contracts: The Evolution of Trust, can be watched on the ASB website.