The actual potential of Blockchain comes into the picture when its attributes are brought together in organizations. Think about a scenario – Jason, a New York based Taxi driver for a reputed ride-sharing company, has a stellar image with his customers. Jason decides to buy an advanced auto so that he can offer better services, but has limited funds.
In today’s scenario, banks, government agencies, and insurers are evolving their services and digital capabilities. In this case, auto manufacturers, for instance, will identify that millennials buy fewer cars and will explore different models for sales & leasing. Soon after which, they will be able to create a Smart Contract (a computer protocol that facilitates, enforces, or verifies the negotiation of a contract digitally, without 3rd parties). By leveraging multiple sources to check Jason’s reputation, an offer will be made to Jason and he would be able to buy the vehicle.
The blockchain revolution will simply make intermediaries like bankers, lawyers, and brokers outdated. It has a revolutionized approach to what constitutes as value and it’s in the process of developing several of its innovations. It allows the creation of peer-to-peer sharing networks, firm establishment of digital identity, restrictive viewing of records, protection and identification of intellectual property, and elimination of excessive agency costs among others.
With the scales inherently tipped in favor of early adopters, organizations should consider implementing this technology into their business. There has been a major surge in the popularity of these technologies across several industries including retail, aviation, and entertainment sector. However, the primary focus is set on the financial sector where this cutting-edge technology can be used to accelerate transfers and reduce costs. Blockchain will soon come to SME’s and it might just happen sooner than your decision of implementing it in your business process.
Strategic planning and gradual implementation are essential for blockchain enforcement during nascent stages within a company and must be subjected to a rigorous review process. The latest global economy formed on a groundbreaking digital platform is being constructed. The edges are not the boundaries anymore and the opportunities are infinite, with new possibilities and directions.
The organizations with the agility to transform themselves, and rise above the unwanted noise to unpack business opportunities, will thrive in the era of Digital Darwinism.