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:
- Government services and economic development. Zug, Switzerland has become a global leader in accepting cryptocurrency and is actively encouraging blockchain startups to locate there.
- Energy. In Brooklyn, NY, a project called Brooklyn Microgrid allows people to purchase power generated by their neighbors’ solar panels, allowing them to bypass utility companies. Blockchain technology validates and records these transactions.
- Tourism. Travelers can now take even greater control over their travel planning thanks to blockchain. Dubai Tourism, for example, recently announced a blockchain-enabled platform that connects visitors directly to hotels and tour operators.
- Financial Services. Banks and financial institutions may soon go the way of the horse and buggy as more people use blockchain technology to transfer digital assets, secure loans and access credit. This could also spell the end of excessive interest rates and middleman fees.
Coming, coming, oh it's here
Although I don't think CEOs need to worry about incorporating blockchain platforms into their business strategies right away, they do need to be aware of all the important innovations that are happening out there and how to respond to them. Disruptive technology is going to change their businesses, and they need to be ready. Or get left behind.
To learn more about blockchain and other influential innovations either on the horizon or already here, check out these blogs and podcasts
- Blog: Are You At Risk Of Being Slammed By Disruptions?
- Blog: Change: Are You Going To Avoid It Or Embrace It?
- Podcast: Michael Gale—The Digital Transformation Coming to You
- Podcast: Ask Andi—Trends from the Trenches
- Podcast: Ron West—Perpetually Disrupting Yourself
Is your business ready for the future?
Do you know how to sustain growth in changing times, before there is a crisis? At Simon Associates Management Consultants, we specialize in helping organizations change, grow and thrive amidst today’s fast-changing times. Is your company on the brink of being left behind? We can help change that. Please contact us.
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