Has the Blockchain Revolution Failed to Take Off 10 Years On?

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The technology that will define the economic and social paradigms of the next 20 years has arrived. It is not artificial intelligence, robotics or the internet of things. In our book Blockchain Revolution, my son Alex Tapscott and I argue that blockchain represents nothing less than the second era of the internet.

Today, the internet is a central facet of our way of life, but it is largely limited to an internet of information. Blockchain enables us to construct an internet of value. That chain is decentralized, meaning the transaction blockchain revolution on its way or on its way are not stored on one server, but on thousands. This makes blockchain virtually insusceptible to hacks, an increasingly common issue on the internet of information.

Through the use of clever incentives and cryptography, blockchain enables us to establish trust between two parties without the need for large intermediaries. You could be an immigrant sending money back to your loved ones.

Remittances are the largest flow of capital from the developed to the developing world, but blockchain revolution on its way or on its way process takes almost a week with fees as high as ten per cent. Using blockchain, companies like the Toronto-based start-up Paycase would enable you to send money instantly, and for a fraction of the cost.

Blockchain enables creators to maintain control over the ways their work is used, by establishing digital scarcity. British singer-songwriter Imogen Heap has already built a blockchain-empowered rights and payment layer for just that purpose.

Or you could simply be concerned with the way our personal data is handled in the digital age. Blockchain has the potential to either improve or enable everything from online voting to the internet of things — any situation that benefits from a native system of trust between parties. World leaders are taking note. Nor is this technology something only to consider in the distant future.

Last year, more money was raised through Initial Coin Offerings, a fundraising method for blockchain companies, than through traditional venture capital. The face of finance has already been permanently and irreversibly changed.

However, there is also a significant knowledge gap between leaders and decision-makers in companies, and builders with a technical understanding of blockchain. Once organizational blockchain revolution on its way or on its way have the knowledge required to understand the strategic implications of blockchain, the only hurdle to the blockchain revolution is our own willingness to embrace disruptive innovation.

In blockchain, we have an opportunity to truly realize the promise of the new digital economy. All it takes is leadership. He has authored 16 books, including Wikinomics: How Mass Collaboration Changes Everything, which has been translated into over 25 languages.

Alongside his son Alex Tapscott he is the co-founder of the Blockchain Research Institute, a Toronto-based think-tank conducting the definitive investigation into blockchain use-cases and applications.

Bracing for the Blockchain Revolution. Modern Sales and Marketing. Digital Disruption and the Fourth Industrial Revolution. Rise of the machines: Blockchain revolution on its way or on its way brilliant future of AI in Canada. Help your customers get started with IoT.

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We are all aware of the profound implications that these will have on business models and strategies, education, and even the competitiveness of nations. Most executives we confront with these issues do not hesitate at defining them, and very few challenge the amazing transformations that they entail. In contrast, when we ask our executive audiences, in a show of hands, to define what blockchain is, very few are able to do it in a convinced and convincing way.

Blockchain is, in my opinion, the biggest innovation that we are witnessing today, only at par with the Internet, the personal computer and the Euro. It is a technological innovation: In principle this looks like a harmless technology. However, it solves one of the most secular and complex problems in computing: If you have a look at any interaction that two individuals have through the Internet, they are all intermediated: Blockchain eliminates the need for any of these intermediaries: A Blockchain—there is not just one, it can be customized to whichever needs we have—is designed so anyone can be sure that a counterparty is fulfilling its obligation on the other side, without the need for certification of any third party.

Think of a cash payment. If Arturo pays physical cash to Michael, Michael is completely certain that: Arturo had the money; 2. In an online payment, in contrast, neither of these can be certified unless someone else a bank, PayPal, a credit card company ensures all steps in the transaction.

The role of the intermediary can be extended to property registries, corporate compliance, know-you-customer KYC in banking, online legal contracts, and et cetera. Blockchain technology solves this problem through two very simple artifacts: Today, Blockchain has many tanglible applications. Best known is Bitcoin. Yet it would be a big mistake to consider that Blockchain is only Bitcoin.

Several central banks are already innovating in the field of crypto-currencies England, Sweden, Estonia. There are applications of Blockchain in the field of virtual registry of properties several countries in Africa , or in smart contracting Switzerland. So let us say that you are in the consumer goods industry, or in the automotive industry, or in the consulting services industry.

Why should you care? Investors will be able to finance companies without the need for financial markets; within companies, any information can flow without any friction and both decisions and behaviors will be completely transparent. Business models will be drastically modified and improved; cost structures will become way more efficient; contracting will be seamless.

The impact of Blockchain is not confined to the corporate sector. In turn, the new technology is currently most applied in the public sector. Central banks are already embracing the disruption, and the most digitally innovative governments Singapore, Estonia, Sweden use Blockchain to disintermediate the relationship between the regulator and the citizens.

Property registry, public contracting, legal enforcement, public records will be all be automated and facilitated through Blockchain in a very short time. To conclude, if you either do not know what Blockchain is, or you think it is not relevant for you, this is my advice.

First, be aware of this technology. Read, do research, ask around, get information about Blockchain, how it works, what advances are currently being made in your industry. Second, prepare yourself to transform the way your company operates and the way you interact with the rest of the world.

Third, be the pioneer in your industry to gain a first-mover advantage. The blockchain revolution is already here. Skip to main content. Why Is My Boss Incompetent? Can Africa Rise Again? Who Really Controls the Accounting?