Most have heard of Bitcoin, though it seems a small percentage of people understand how it works. Well, not so few – Statista reports over 21 million blockchain wallet users as of December 2017.
Blockchain technology is the engine behind Bitcoin and many other (lesser known) applications. We are just beginning to explore the full potential of blockchain technology. I like the way Tomicah Tillemann (Co-founder of the blockchain Trust Accelerator & Chairman of the Global Blockchain Business Council) explained blockchain in NACD’s recent webinar, “Blockchain and the Age of Digital Currency.”
“If you think of the internet age as having facilitated the frictionless transmission of information on a peer to peer basis, blockchain is going to facilitate the frictionless transmission of assets on a peer to peer basis. And if anything, that could be an even bigger revolution in the way we operate and do business in our organizations.”
Feel like it’s too early to pay much attention to blockchain? Many leaders underestimated the impact of the internet and the speed at which change would come. Think back to the days before the internet… before Amazon, Alibaba, Google, Facebook, Netflix, and Priceline. It wasn’t that long ago…and yet, these massive organizations (and the impact they’ve had on so many industries) exist only because of the internet. So it’s worth noting that Tillemann went on to say,
” …the pace of innovation around blockchain is dramatically faster than it was around the early days of the internet.”
Strategic leaders are always on the lookout for ways to disrupt their industries…and for the disruption that may be coming their way. is both. And it’s not coming; it’s here. Whether you embrace disruption or just want to survive it, it’s time to understand blockchain, and it’s potential to transform the way we do business. If you haven’t already, it’s time to put blockchain on the agenda of your next board meeting and leadership strategy session.
Ready to learn more about blockchain? Here are a few useful resources:
- Here is a quick (under 3 minutes) video – “Understand the Blockchain in Two Minutes”
- You can get a better feel for the momentum around blockchain with this link – “15 Amazing Blockchain Statistics and Facts”
- And if you want to dig a little deeper, Blockgeeks.com has a pretty informative guide – “What is blockchain technology?”
I look forward to hearing your thoughts on the power and potential of blockchain for your industry.