Enthusiasm about Blockchain-based innovation is among the fastest-growing new developments in technology. How could this radical new technology change the systems of modern society, from banking to art to personal communications? Where is Blockchain innovation headed next? What industries could be affected? What are the risks and opportunities of this “decentralized distributed ledger”? All of these questions are answered by Prof. Don Tapscott and Alex Tapscott in their new book: Blockchain Revolution.
In his new book, Blockchain Revolution, Tapscott identifies scores of areas of business and society that will be changed by blockchains. Musicians will be able to reclaim much to the value they cede to record companies by offering their music directly to fans, movie-makers and broadcasters; individual investors will be able to deal directly with companies they hold shares in rather than go through stock markets; and the exclusive use of cars will start to dwindle as such assets are shared over peer-to-peer networks. Those are just a few examples, but as these and others evolve, two areas of financial services in particular provide the greatest evidence for the forthcoming impact of blockchains.
Almost every sector — from banking and utilities to entertainment and agriculture — can expect to experience major business model disruption as blockchain technologies take hold, predicts digital guru Don Tapscott.
Because blockchain technology originated as the underlying mechanism of the bitcoin digital currency, there is a widespread belief that its potential is greatest in – or even limited to — the financial sector. But, says Don Tapscott, business author and authority on the impact of digital technology on business and society, that is to misunderstand a reality that is already unfolding.
“It’s hard to say how big this blockchain revolution is but it may well be bigger than the first era of the internet,” he says. “Blockchain gets to the core of commercial activity, of wealth creation, to the heart of innovation, to the real machinery about what makes an economy work. It raises the prospect of changing the fundamental structure of the corporation, of how we orchestrate capability in society, innovate to create goods and services, and engage with the rest of the world. There are very far-reaching business models already [emerging] that are just shaking the windows and rattling the walls of many industries.”
“In five to 10 years the financial services industry will be unrecognisable,” says Tapscott. What do the banks actually do? he asks. “They move value, they store value, they lend value, they exchange value, they account for value, they attest to value: every one of those could be disrupted very profoundly by this technology.”
It is something that has got the whole financial services industry sitting up and paying attention. “But it’s not just the threat, there’s a bigger opportunity for them,” he highlights.
Every business person should be familiar with the Blockchain Revolution and currently there’s no better source than the the book – Blockchain Revolution:How the technology behind bitcoin is changing money,business, and the world via Amazon.com