Like a hypnotist bent on making you cluck like a chicken, blockchain technology has infatuated the world market with its promise of innovation, transparency, and immutability. Now I know everyone and their mother is changing their MO to be blockchain oriented, but that shouldn’t deter stakeholders from trying their hand in the promising landscape that is blockchain.
There are literally millions of articles online, written daily, that all drone on about the way blockchain operates. This blog’s goal isn’t to disseminate what blockchain does; you can visit IBM and read their white paper. The point of this post is to highlight the influence that blockchain has over the market.
At this point, many of us have heard whispers in our respective industries about the implications of the distributed ledger technology to change the very way we conduct business and implement business solutions. In this past year, these whispers have become battle cries for the banking sector, with big players like Bank of America, Goldman Sachs, Fidelity, etc. jumping onto the bandwagon with their full weight of support behind their investment.
The technology behind blockchain presents an opportunity for different market sectors to expand the way they conduct business, intertwining itself with IoT technology to remotely monitor supply levels and transaction integrity. IoT will go together with the blockchain vision seamlessly, presenting an opportunity for expansion of interconnectivity among devices, clients, and other entities.
What blockchain ultimately represents is the most concise way to deal in business. Smart contracts are becoming the standard by which companies operate. This means that more and more industries will have to eventually migrate over to the publicly distributed ledger system in order to keep up with market business administration trends.
The rub with blockchain is it’s a race to a reliable method of monetization. No one exactly knows how to make a profit off this incredible technology, and if there is a way, no one is talking about it publicly just yet. Many companies are banking on the promise of blockchain, perhaps buying into the hype without really understanding the purpose or means in which the technology will benefit their industry.
What we can be certain of is that blockchain in 2018 will attract the attention of brilliant minds across a vast array of markets. With all the leading thinkers in the world with their eye squarely fixed on blockchain, there is no way this technology won’t become widespread in the coming years. Monetization of blockchain is the riddle that everyone is trying to answer, but are we smart enough to mold this technology to our advantage?
The importance of blockchain is clear from a business and customer standpoint, but the bottom line is what your accounting department will worry about. From where the current market stands the investment into blockchain is a gamble worth betting on. The technology is going to change the perspective by which we view our business outcomes, and will likely determine the projected evolution of the IT industry moving forward.