Here is a great summary of how blockchain works and how it may evolve. The video also explains why it will dramatically change how we act and transact. The technology is receiving lots of media attention and venture capital investors. This is driving new applications that will impact our businesses and our daily life.
Insights for business leaders:
The term ledger makes it sound like blockchain will be focused on accounting and financial transactions. This is not the complete picture, because blockchain technology will drastically change the flow of all transactions. It will also become embedded in products and services that will automate our business activities.
The speaker mentions the use of GPS code that uses the location of inventory to trigger automated transactions. This will be a major benefit, because it will simplify sales and delivery processes. Blockchain will also bring more data together from more sources to make it actionable intelligence. The integration of blockchain into our typical back office processes (where humans initiate transactions and trigger transaction chains) will virtually disappear.
The technology and its applications are in infancy. So, as a business owner there is not much more to do right now than to be aware of this. But technology like blockchain will likely become the bedrock of all business transactions and interactions. Keep an eye out for how this may affect your industry and your business.