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Enigma. Paradox. Opportunity.
Early adopters passionately claim that Blockchain will remove dependencies on banks and governments. Hardened business tycoons advise that it is just a ‘flash in the pan’. While the debate about Blockchain rages on, researchers have been quietly examining the technology that underpins this and other digital currencies. In a recent survey by the World Economic Forum (WEF), a majority of experts and executives in the information and communications technology sector expected at least ten per cent of global GDP to be stored on Blockchain platforms by 2025
The year 2017 is the realm of the Blockchain
Simply put, Blockchain is a distributed ledger that provides a way for information to be recorded and shared. Each member maintains his or her own copy of the information and all members must validate any updates collectively.
What are the key Blockchain applications and how will they work? How do organisations create value from them? And what are the technical, cultural and commercial challenges they will face? In this paper, we take a close look at the Blockchain and tackle these challenges.
Key takeouts from this paper
As the Blockchain ecosystem evolves and different use-cases emerge, organisations in all industry sectors will face a complex and potentially controversial array of issues, as well as new dependencies.
Key questions every leader should ask:
- Is a Blockchain right for my organisation? And, if so, how are we thinking about applying it and what would this mean organisationally and culturally?
- Will a Blockchain approach still leave a marketplace in which we can compete?
- Have we thought about impacts on our strategy, organisational structure, organisation processes, governance, talent and legacy systems?
- What is the organisation case for implementing a Blockchain? How do we make it pay?
- How do current regulations impact our application of Blockchain?
- How are we applying security to our application and is privacy a priority?
What our experts say
In our view, there are new and emerging opportunities for organisations in all sectors to create and deliver compelling services for their customers using the power of disruptive innovation. As they formulate their plans for the coming months, we also hope that this paper helps organisations and public sector leaders understand the cultural and organisational challenges that are inevitably brought by the use of Blockchain technologies, and provides them with the insights they need to overcome them.