A friction free society through blockchain
The potential in blockchain technology is massive and the useful applications are many. One of its many benefits are to eliminate complexity and manual and time consuming processes. This is what's called friction and the outcome of friction is mainly time and money. This is due to many different systems trying to cooperate and human interactions slow and subjective in its judgement. Most current business are built around friction, so if blockchain eliminates this then we need to rethink and reorganize how we do business.
At this point I need to stop you (Call To Action) - If you know of blockchain and are moving forward with some initiative, test or analysis, then great! Keep up your good work and triple down on your effort if possible.
If not, then right now schedule a gathering, lync/skype, face time (trying not to say meeting) of some kind with your team, advisers, CEO/board of directors. Spend some hours and educate yourself more before your "meeting" and look for potential value of this technology in your business. (see resources below)
The business of waiting
The outcome of friction is time and that turns into waiting, something we as humans in society do a lot of. We have sayings based in this unwritten "truth" that thing takes time and it reminds me of the writer Dr.Seuss and one of his children/adults poems.
THE WAITING PLACE by Dr. Seuss
Waiting for a train to go or a bus to come,
or a plane to go or the mail to come,
or the rain to go or the phone to ring,
or the snow to snow or waiting around for a Yes or No
or waiting for their hair to grow. Everyone is just waiting.
The wait is soon over
According to IBM - "Our analysis of the impact of blockchain across the enterprise, ecosystems and economies shows that frictions can be greatly reduced or even eliminated. The result, we believe, will be a new economic equation for the organizations, trust and value exchange."
Case
One thing is for sure and that is blockchain will be very big. At a later time I will talk about the opportunities blockchain brings to democratizing and citizen participation, landownership rights, smart contracts and the ongoing fin-tech mini-revolution. Blockchain is a super robust record of trust through blockchain's ability to create permanent records of a person, company or society at large actions and behavior - all in real-time.
Some estimate that blockchain has the potential to take the web to a 3.0 version, one where transparency is the future currency and friction is a thing of the past. This will give us the opportunity to redistribute wealth much better and create a future with potential of prosperity for all.
Don't take my word for it - links to valuable and credible resources:
- Don Tapscott TED talk gives you a good intro if you are new to this technology
- Deloite's take on it - Blockchain technology: 9 benefits & 7 challenges
- McKinsey see big value in it - How blockchains could change the world
- Harvard Business Review says this - Blockchain will transform customer loyalty programs
- World Economic Forum looks at the future city - The future of our cities? It could be blockchain
Please click like if this was valuable for you and feel free to connect with me if I can be of value to what you do.