Will Blockchain Unlock Brands and Business?
Don Tapscott, the bestselling author of Wikinomics: How Mass Collaboration Changes Everything, launched a book entitled The Blockchain Revolution – How Brilliant Technology is Changing Money, Business and the World. I went to hear him speak and what a philosopher he is; I now understand why his books sell so well. The premise of Don Tapscott’s new book is that the newest evolution of the payment system will democratize our global economy and small business around the world.
So what is Blockchain and how does it work?
Simply put, Blockchain is the technology behind the newest evolution of our payment system and it is the technology powering Bitcoin. Blockchain provides a virtual ledger behind each consumer’s online payment transaction and works well with mobile in an apparent safe and secure manner potentially democratizing payment systems and facilitating the flow of funds between people who don’t know each other without the intermediary of a bank, credit card company or government. The excitement around this new payment technology focuses around the future possibilities. The big idea is that this is the second version of the Internet as ‘trust is established’ rapidly in the economy enabling mass collaboration with a payment system that is secure and accessible to all. The underlying currency is the blockchain enabling “the trust protocol”; that is to establish trust between strangers without a powerful institution like a bank or credit card company.
How can I leverage this for my business?
Five Potential Transformations for a Prosperous Business:
- Add billions to the global economy – democratize wealth – most people in underdeveloped countries have a cell phone over a bank account. They can now transact without a large intermediary and related fees.
- Protect rights through immutable records. More than payments can be securely shared.
- Create a true sharing economy. Collaboration can flourish in a secure and accessible environment.
- Bridging the remittance rip-off and reinvent financial services. One no longer has to have the assets or financial means to conduct business and related transactions through a large and expensive intermediary. Micro businesses have a greater opportunity to grow.
- Enabling citizens to own and monetize their data and protect privacy. The individual now has greater access to a secure payment system and more as Blockchain technology and its related applications evolve.
Is this a true paradigm shift?
Don Tapscott used the analogy of birds flying in migration through “murmuration” to describe what distributed trust could mean with a new equally distributed payment system This is an inspiring concept and Blockchain represents an inspiring new payment technology. Let’s see where it leads us.
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