Blockchain: is it really the next big thing? — The Millennium Alliance

What is Blockchain?

Blockchain is essentially a digital ledger to record digital transactions. Invented by a group going by the pseudonym Satoshi Nakamoto, the ledger was originally created to record bitcoin transactions. Since its inception, many in the tech community predict its use in other areas.

  1. does not have a single point of failure

Does Blockchain Equal a New Web 3.0?

With blockchains increased security, and ability to continually create and authenticate digital information, there are several new business applications that could result from the technology.

  • Impact on the sharing economy — companies like Uber and Airbnb have leveraged the sharing economy to achieve unprecedented success. Blockchain has the potential to open the door to direct interaction between providers and users, removing the need for intermediaries like Uber and Airbnb. In other words, this technology could lead to the decentralization of the sharing economy.
  • Crowdfunding — Kickstarter, Gofundme, and more online portals are leveraging the power of crowdfunding or crowdsourcing. The popularity of these sites shows how more and more the consumer is looking to be directly involved in the development of products. Blockchain technology can help take this consumer desire to the next level, which opens the opportunity for the creation of crowd-sourced venture capital funds.
  • Governance — blockchain’s transparency, with distributed database technology, could help bring public accessibility to elections or poll taking. Boardroom, an app which enables organizational decision-making, leverages blockchain technology to permit a company’s leadership to be fully transparent. Clear communication from leadership is vital for digital transformation, so this could have a huge impact on how companies communicate.
  • Company ethos — the on-demand consumer wants to know more. They crave more information about products and companies. Increasingly, ethics impact consumer purchase decisions. Blockchain technology is transparent, and it is this transparency that will help shine a light on ethics.
  • File storage — blockchain has the potential to change how we store files, which has obvious benefits especially as information would not be stored in one space, making it less vulnerable to hacking.
  • Prediction markets — using crowdsourcing on market predictions is proven to have a higher degree of accuracy. Blockchain technology would allow for the “wisdom of the crowd” to be better leveraged.
  • Intellectual property — many companies hope blockchain technology will open up intellectual property protection. Smart contracts, in particular, will allow companies to protect copyright and automate online sales, eliminating the risk associated with digital file copying and redistribution.
  • Internet of Things (IoT) — another trend! The combination of this and blockchain has the opportunity to open doors to increase system efficiency, cost monitoring, and automation.
  • Identity management — blockchain will only for better identity management and verification of data online.
  • Data management — in the exchange of personal data, blockchain will add another level of user privacy offering increased security to social media users.
  • Stock trading — there is a strong case for the use of blockchain technology in stock trading, as it has the potential to add significant efficiency to share settlement.

Blockchain Startups

VentureBeat took a look at the blockchain world towards the end of 2016. They identified 9 startups to watch in the space.

BitTunes

A global marketplace for independent music.

Distributed ID

Simplifying identification

Ubby

Social influence converted into bitcoin

The FixHub

An informed way to run repair service businesses

CoinPip

B2B international payments done cheaper, faster

Is Blockchain the Answer to Digital FSI Transformation?

Quite possibly!

ABOUT FSI TRANSFORMATION ASSEMBLY

The Millennium Alliance is pleased to announce that application for their biannual FSI Transformation Assembly taking place September 14–15, 2017 at Four Seasons Resort in Palm Beach, FL is now open.

Your #digitaltransformation story begins with us. @Mill_All is a leading Technology, Business & Educational advisory firm for Executives. Home of Digital Diary.