HOW WILL BLOCKCHAIN TECHNOLOGY AFFECT YOUR BUSINESS? – #10
If you are not identifying the role that block chain technology can (the present) and will play (future) with your internal and external processes aimed at serving the Customer and sustaining the continued growth of the business, you are already falling behind the rapid changes taking place in the environment surrounding your business. Don’t be a defensive manager, be a leader through leading the way to knowledge.
If Warren Buffett, Jim Rodgers, Bill Gates and Mark Zuckerberg are investing in this technology, that is built on the Jeff Bezos model on which he built Amazon, it would behoove you to get a jump on how this technology will currently be used in your industry, as well as preparing to meet the demands of the future. Don’t buy the objection of – blockchain technology is only applicable in supporting cryptocurrency applications. I beg to differ, due to the following:
- On May 24th I attended the annual stockholders meeting for IBM, where the President indicated that they are shifting their business (47% of current business $72BB has already shifted to AI –The Cloud – and Security) to these new markets. Watson represents The Cloud of The Enterprise and blockchain is already a priority at IBM due to the growing 20%+ share in new security market applications.
- Applications of blockchain seem like a natural for the financial industry, but in reality the trust and speed of blockchain is being used by our Department of Homeland Security in starting to use the technology to track data and threats.
In Europe, Estonia is using it to track judicial, security, health and legislative entries. A company called Ship Chain is using blockchain to disrupt the the freight shipping world for better shipment tracking and more transparency. Another example is Dragonchain, a blockchain platform created by Walt Disney Company. Its purpose is simple: to help other companies quickly and easily adopt blockchain technology. The final example is the US Government: The recent $700BB defense bill includes funding for a Defense Department research study on blockchain cyber security. This is the biggest study on the technology yet, and Congress is expecting results in six months.
I am touting a technology that I would like all Managers to become familiar with immediately. Once the technology is understood by management, then the existing and possible future applications can be assessed and valued as how they will be affecting the sustainability of the business as it pertains to present and future Customers, Suppliers, Competitors. This review of a major threat unless harnessed, could result in the possibility of increasing value to your Customers through new products and applications that could be based on blockchain technology.
At your next meeting please establish the level of knowledge about this new technology and then relate the level of knowledge to the potential for sustainability of your business. Please accept my recommendation, you don’t want to be making decisions regarding technology under do or die conditions like Motorola Corp. who kept working with Analog technology versus Digital technology. How could a high tech Company make this type of a decision? “It Starts and Ends With Management” with Motorola barely being on the horizon. Should you require a brief overview and definition of blockchain technology can be provided by indicating your interest through a brief e-mail. Once received, we will turn it around shortly. We look forward to hearing from you!!