Blockchain technology is creating entirely new business models that are disrupting established industries and organisations.
The rate of innovation is so fast that companies burying their heads in the sand risk falling behind their competitors and losing relevance.
It might sound scary, but where there are risks, there are also opportunities.
Preparing for a decentralized world
Decentralized technologies are on the verge of enormous growth and every industry is ripe for disruption.
For companies, that means now is the time to develop the systems and infrastructure required to set you up for success into the future.
Your key considerations should include:
- Maximising decentralization
How can you continue striving towards a more decentralized model than that of your competitors? This remains a key consideration for even the most established blockchain projects, including Ethereum.
- Removing regulatory risk
Decentralized technologies and projects are coming under increasing scrutiny from the SEC and other regulators. Failing to be abreast of the latest rules and regulations could pose an enormous risk to your company.
- Focusing on ‘providing the shovels’
It’s often noted that during a gold rush, those guaranteed to make money are the people selling prospectors their picks and shovels. In the case of a blockchain boom, it could serve as an important metaphor. Focus on the tools and infrastructure you can sell to others for consistent returns, rather than the less-likely prospect of one enormous pay-off. For example, could you build smart contracts that make supply chains in your industry more efficient?
- Securing the ‘first mover advantage’
Whilst not necessarily crucial, it is always preferable to be among the first adopters of any new technology. Bitcoin, for example, was the world’s first cryptocurrency and today remains the largest by market cap. Embracing decentralized technologies before your competitors is likely to pay off in the future.
- Maximising decentralization
Already there are many big companies using blockchain as a way to protect themselves into the future.
Here are some examples:
The audio streaming giant acquired ‘MediaChain’, which manages copyrights, royalties and rights holder issues.
One of the world’s most famous retail corporations, Walmart turned to blockchain to manage their food supply chain and tracking of origin. Walmart also uses blockchain technology to automate the handling of invoices and payments of its third party freight carriers.
- JP Morgan
Banking giant JP Morgan announced in 2021 that it’s using blockchain to improve funds transfers between banking institutions globally.
- JP Morgan
The Chinese technology company is a big investor in decentralized projects and in 2021 used blockchain to improve transparency in one of its annual charity campaigns.
Using blockchain for AI and the Internet of Things (IoT)
Blockchain works effectively in tandem with other emerging technologies, such as Artificial Intelligence and the Internet of Things, allowing a reliable and traceable flow of data.
A fine example of this is the way the Helium project uses blockchain to power a network of Internet of Things devices, creating what they call the “people’s network”.
Whilst Helium is still somewhat experimental, its goal is to provide a global network for connecting everyday devices, including everything from electric scooters, to dog collars and toasters.
- What is blockchain?
- Do I need blockchain?
- What can I do with blockchain?
- How do I choose the right blockchain?
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Rewired.one partners with large enterprises, startup businesses and government agencies to unlock the full power and value of blockchain technology.
How will blockchain shape your future?
Blockchain is a tool that can enable you to innovate, grow and thrive, however the use case can be very different from one company to the next.
At rewired.one, we can help you decide exactly how the technology fits into your company’s future plans.
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