Business Change Management

Blockchain technology is continuously improving and developing, and it’s here to stay. It might have seen its first application with the advent of cryptocurrencies like Bitcoin, but its real potential lies in its ability to transform the business landscape as we know it.

What's Blockchain, You Ask?

Basically, blockchain is a digital ledger that currently is used to track, record and store transactions on blocks. When applied to business, these same blocks of data have the potential to perform any type of sale, goods exchange, contract, payment, monitoring or recording.

As this technology becomes fine-tuned over the coming decade, companies will start to integrate blockchain more and more into their processes and business relationships. And with so much potential on the horizon, it’s worth taking a look at how exactly blockchain technology can transform business.

Do you love blockchain, yet? You should!

Though still in its infancy, the blockchain system is the foundation underlying digital currency, like Bitcoin. While primarily used for cryptocurrency today, the potential application of blockchain technology goes far beyond finance. In the not so distant future, we can expect asset registries, smart contracts, quality assurance and many other types of blockchain usage to penetrate numerous industries.

After working with large construction companies, I became interested in how blockchain could help them bring major innovations into their industry. Why not!

With the advent of 3D printed housing units, demand for faster and faster construction services, and the shortage of labor that brings with it new robotic solutions, blockchain systems could fit right into the coming transformation of the entire construction industry.

The Future of the Construction Industry Looks Promising, and Perfect For Blockchain

With expenditures topping $1.2 billion in 2017, U.S. construction companies are looking for ways to invest in innovations that can sustain business in a rapidly changing business environment. Blockchain is one of those game-changers that is capable of transforming how construction companies do business.

Blockchain is not coming. It's here! Are you ready?

In 1989, Tim Berners-Lee developed an open system which did not require access and which enabled the exchange of information on a global scale unseen in human history. Back then, the World Wide Web had a small community of devout users, while others wondered what it was and generally remained skeptical.

Like any new technology in its infancy, the internet raised a lot of questions. But look at where we are now.

The story of blockchain technology has the same potential. Like the internet, blockchain is developing out of necessity. When the global economy crashed in 2008, the first blockchain was conceptualized to change the way finances function. And like the emergence of the first emails, Bitcoin and other cryptocurrencies were developed to drive the development of blockchain technology forward.

Over the last few years, we've been witnessing the early stages of a financial revolution sparked by Bitcoin. Industries and governments from around the globe are exploring the potential of digital currencies and trying to find ways to leverage blockchain technologies. Japan, Russia, Dubai and China are all developing state cryptocurrencies to supplement, or perhaps even replace, their fiat currencies.

At the same time, numerous industries are leveraging blockchain platforms and tokenized systems to lower costs, streamline operations, and explore new revenue possibilities.

To see (and hear) what I'm talking about, watch my On The Brink interview with Jared Tate below and see why you should "absolutely" join the blockchain revolution:

 Photo courtesy of The Roanoke Star

Whether you know all there is to know about blockchain technology, or whether you know nothing about it, this worldwide phenomenon is changing how we do business, conduct commerce, keep our currency secure, even book a hotel. Its influence is growing by leaps and bounds, so if you're not familiar with how it works, you need to get up to speed, fast.

That's the essence of a recent article I wrote for The Roanoke Star, in which I said that people typically think of blockchain only in connection to cryptocurrencies such as Bitcoin, Ethereum and DigiByte. But the blockchain technology is really what people should be paying attention to. (Read the article here.)

Originally created to keep cryptocurrency transactions secure, blockchain now has seemingly limitless applications

As I state in the article, blockchain's value lies in the fact that once data is recorded, it can’t be changed without the approval of a majority of network participants. This creates a (supposedly) fraud-proof system and authenticates the information that’s exchanged.

As examples, here are just a few of the ways blockchain is being used today: