Blockchain, the underlying technology of Bitcoin, is causing a transformation in the financial world and is promising similar disruptions in other industries through the “internet of value exchange.” Its unique features such as peer-to-peer, decentralized and permissioned network, smart contracts, and distributed ledger promise to make business processes more efficient and transparent by fundamentally altering the premise of business transactions. That is, through more secure, immutable and cryptographically validated transactions in a trusted network that lowers transaction costs.
Although promising, blockchain technology is still evolving and adopting it on a large scale requires overcoming many challenges. Many businesses simply aren’t ready to adopt this technology in a practical way, and by not experimenting with blockchain, they could fall behind their savvier competitors in terms of lost revenue, growth opportunities or finding themselves in a completely new business model.
In my recent white paper, “Changing the Game: Understanding Blockchain’s Potential to Transform Business,” I examine blockchain-driven applications in detail, and propose a guiding framework for developing a blockchain evaluation pilot program, while recognizing relevant internal and external factors. By understanding how to unlock the potential of blockchain, business leaders can make sure that their organization is a part of (or ahead of) the transformation.