I noticed a great TED talk about how blockchain could influence industries and wealth distribution. We all know that blockchain is all about trust and how to quickly exchange assets in broader meaning. Don Tapscott managed to simplify view on how future of internet could look like due to blockchain technology and how economy could be influenced.
If key benefit is to merge payments and settlement in one blockchain transaction via smart contracts, practically this would trigger number of opportunities in vertical and horizontal value chains.
Mentioned key potential benefits of blockchain:
- immutable records
- sharing economy
- ending remittance ripoff
- recapturing our identities
- ensuring compensation for creators of value
I believe that they are valid options, however there are years to come before such benefits will really solved some of global problems. Before monetising any developed smart contract models, first strategist will have to think how to change current business models and start thinking about future potential of blockchain technology.
Key question is not whether you will be first – as train is already leaving a station – but how we will quickly adopt new technology in our business model. Linking business model to core blockchain smart assets (data, intellectual rights, assets, etc.) will affect current intermediaries. Think about in number of industries who is potentialy endangered and how and who can benefit out of it. It is not only about financial industry, its about all assets registries, intellectual rights benefits, managing digital identities, etc. But key cornerstone will be how to manage all this benefits in an added value bundle for end users either in perspective of costs of living or improved user experience in daily reality.
Currently industry is in developing phase of using technology in potential business models. Private initiative will sooner or later deliver something practical. However, if benefits are those mentioned in TED talk, key question is why governments or supranational institutions are not yet generally thinking how to embrace a technology to improve public services and improve general standings for performing business in individual countries around the globe.