BLOCKCHAIN YOUR WAY TO PROFITABILITY!!!

What Is It?

Blockchain: Is a tamper-proof, decentralized and distributed digital record of transactions that creates trust and is said to be highly resilient.

A blockchain is a decentralized, distributed record or “ledger” of transactions in which the transactions are stored in a permanent and near inalterable way using cryptographic techniques.

Unlike traditional databases, which are administered by a central entity, blockchains rely on a peer-to-peer network that no single party can control.

Authentication of transactions is achieved through cryptographic means and a mathematical “consensus protocol” that determines the rules by which the ledger is updated, which allows participants with no particular trust in each other to collaborate without having to rely on a single trusted third party.

Thus, Blockchain is, as Many Economists calls it, a “Trust and Accountability Building Technology!”

• Participants in a blockchain can access and check the ledger at any time.
• Blockchain therefore ensures immediate, across-the-board transparency, and as transactions added to the blockchain are time-stamped and cannot easily be tampered with, blockchain technology allows products and transactions to be traced easily.
• Smart contracts  i.e. computer programs that self-execute when certain conditions are met, can be used to automate processes, further reducing costs.
• Because of their decentralized and distributed nature and the use of cryptographic techniques, blockchains are said to be highly resilient to cyber-attacks compared to traditional databases  although there is no such thing as perfect resilience.

Next steps:

In order to realize the true potential benefits, dealers, businesses and organizations need to assess which blockchain capabilities are most suitable for them, as well as where and how to invest.

Key questions Dealers Leaders and Managers should be asking include:

• How can blockchain technology drive value in my business?
• Are there new products, services or business models that we want to explore that blockchain enables?
• How are our competitors utilizing blockchain technology?
• How are other industries applying blockchain technology?
• Are there any projects that could be replaced or enhanced by blockchain technology?

At the very least, this will include an evaluation of strategic objectives and assessment of use cases most relevant to each business and organization.

Those further ahead will be exploring the development of a blockchain solution which considers the technology architecture, costs and benefits in more detail.

The trailblazers will be looking at enhancing existing blockchain capabilities to scale up and realize the full value of blockchain, alongside other technologies.

We believe the key for all businesses is to ensure their blockchain plans address critical business issues and support new growth opportunities.

Dealers and Businesses should also consider their organization’s readiness to adopt blockchain, understand what technology is needed and develop their blockchain strategy to iterate and scale up on this basis.

Dealers, Businesses and Organizations that do not consider how blockchain may impact their operations are at risk of falling behind and losing out on huge potential growth opportunities.

 Sincerely,

 Michael Roppo