Blockchain is the new buzzword – but what does it mean for your sector? Is the technology appropriate for your business?
Originally underpinning cryptocurrencies, starting with Bitcoin, the concept of distributed control is established in the world of financial technology (fintech). However, there is potential to apply the same technology solution to reform and streamline contractual matters, exporting, supply chains, health, credentialing and identity, and other business challenges across all sectors.
A New York venture capitalist once explained to me: “When we receive a proposal which mentions Blockchain, we replace the word with MySQL. If the concept still sounds sexy, we’ll consider it.” This is a harsh approach for those concepts which rely on the distributed nature of a blockchain to function, but it underlines the gold rush frontier environment of finding a use for new technology, and profiting from Initial Coin Offerings (ICOs).
Is a blockchain appropriate to your business model? If you’re casting around for a new way to carry out the same series of transactions, keeping everything under your control, then probably not. Blockchain technology is a genuine game changer. It is the gateway to changed behaviour: disintermediated contracting, distributed responsibility, and of course cryptocurrencies and tokens.
Join the upcoming Sphere Network event on 21st September to take a deeper dive into this exciting emerging technology. The event aims to bring together practitioners and interested parties from across the North East of England, to build a clearer understanding of the opportunities and potential pitfalls of applying blockchain technology. If you would be comfortable sharing your experience and knowledge in this professional setting, please register as a Blockchain Advocate. If you are joining us to expand your understanding, please register as an Explorer. This will help us maximise the evening’s potential for knowledge exchange, collaboration, and action.